A popular saying goes there are only two guarantees in life: death and taxes. You are required to file taxes on a yearly basis, even if you are owed a refund from the government. Failing to file taxes may subject you to financial penalties, levies, wage garnishments, and even jail time. Here is how to obtain Tax Resolution in Queens, NY if you haven’t filed taxes in several years.
There are two issues at stake when it comes to late or non-filed taxes: criminal and civil. The government has six years from the date the return was due to file criminal charges against you. However, the IRS can potentially assess fines and late charges indefinitely. Once you do file your taxes, though, the government has up to ten years to collect the money owed, which it often does with gusto.
Even if you suspect you owe money, it’s best to file the paperwork for all the missing years. Focus only on the last six years if it’s been longer than that. You can always make payment arrangements for the taxes that are owed. Filing taxes reduces the odds that you will be charged with tax evasion and provides a springboard for payment negotiations.
It’s best to hire a licensed and experienced tax accountant to help you calculate your taxes. The person can assist you with obtaining receipts, income statements, and other paperwork required to properly file your taxes. An accountant will know which forms to file, so your case doesn’t get held up or derailed by sending the wrong ones to the IRS office.
The accountants at GJM Business Center offers a variety of financial planning services that can help you manage your tax debt. Depending on the size of your obligation, this can involve helping you develop a simple budget to looking for ways to generate income-;such as selling a home-;for paying the IRS what is owed.
Getting Tax Resolution in Queens, NY for back taxes can be challenging and may require quite a bit of work, but resolving this issue can bring peace in your life and set you on a good financial path.
