By greenberg law group, p.a.
Here's What To Do If Your Haven't Filed Your Taxes.
It can be tedious and hectic due to the complexity of tax laws. That’s why some people forget to file their taxes or start but never finish
The bad news is that you can’t avoid filing your taxes. The good news is that you have opportunities to fulfill your tax obligations even if you’ve missed the deadline.
Navigating the complexities of tax regulations can be daunting, and having professional advice is essential for the best results. Without proper knowledge, you risk making mistakes, incurring increased penalties, and missing out on deductions or credits.
Filing past-due returns follows the same process as filing on-time returns.
If you find the process confusing or overwhelming, consider seeking professional help from a professional. Filing your returns accurately and in compliance with regulations is crucial to resolving the issue promptly and avoiding further complications.
If paying the total amount is currently not feasible for you, there are options designed to ease the burden on taxpayers. The two main alternatives are Installment Agreements and Offers in Compromise.
Install Agreements allow taxpayers to negotiate a plan with the IRS to pay the debt gradually. Offer in Compromise involves settling your tax debt for less than the total amount owed.
One of the best ways to prevent owing a large amount of taxes is by adjusting your withholdings. Ensuring the correct amount of tax is withheld from your paycheck helps you avoid overpaying or missing out on money you could use throughout the year.