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Break the Habit: How to Manage Unfiled Tax Returns

September 14th

Over time, unfiled taxes can start to cause you serious anxiety. As the unpaid taxes mount up, so do penalties and interest associated with those bills. Many taxpayers experience anxiety after failing to submit their taxes on time, which only increases as the penalties accrue over time and more taxes remain unpaid.

While it may seem logical to postpone the problem in the hopes of avoiding detection, in the long run this will not work in your favor. At the moment, the IRS is increasing enforcement practices, which means that more and more unfiled taxes are soon to be discovered. When they are found, the IRS will be sending out bills laden with 25 percent penalties plus interest.

This may seem like a terrifying situation, but there are options. These simple steps can lead you out of tax debt and secure you a future without further penalties.

1. Don’t Panic. First and foremost, if you find yourself in this situation, don’t panic. Panicking can lead to further delinquency, which will only accumulate more unpaid taxes and accrue further penalties and interest. Instead of panicking, contact a tax lawyer for advice. A qualified tax lawyer will be able to advise you on how to best handle the situation in order to avoid further back tax debt.

2. Collect Relevant Documents. Be certain that the IRS does not have more records of your finances than you do. Collect all of the relevant documentation that you will need in order to present your case to the IRS. Besides ensuring that you avoid any unpleasant surprises, collecting documentation can help you to discover the unfiled tax problem, if it was merely a mistake.

3. Send Unfiled Taxes to the IRS as Soon as Possible. The later your taxes are, the more penalties and interest you are likely to face. Submitting sooner will help to minimize the damage. Also, send your unfiled tax returns via mail or hand-deliver to ensure that your tax returns arrive safely.

 

 
 
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