What Happens If You Have Unfiled Tax Returns
By: Rogelio Little | Posted: 14th February 2011
For middle income wage earners with assets and small business owners who want to prepare their tax return on their own, you will need to use the latest income tax filing software. Today's tax software is very sophisticated and can handle most small business, corporations, and self employed people. It will guide you step by step, asking you for basic information like name, social security number, and address, then moving on to required documents. It will also do a virtual interview with you by asking specific questions about you, your family, business, assets, purchases, and much more. The software will find many deductions that you may not have considered which can save you thousands.
Several things can be performed by tax lawyer. Most essential service which could be rendered by tax lawyer is to help people in their financial and tax planning. This could be only applicable if people have sizable properties. If they possess sizable properties, they might need suggestions on property planning strategies for helping them to file property tax returns.
IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
Thank you for taking your time to read this article. Your comments on this article will be highly appreciated. To access hundreds of Gurmit's articles, please visit his websites below.
Tax arrears can be defined as tax bills that are unpaid, and so tax arrears are monies that are owed to the government and collected by HMRC. These problems arise because businesses don't pay tax like employees do. Businesses will get a tax bill several times a year that will need to be paid. Employees have their tax taken out of their earnings (known as Pay As You Earn or PAYE) so that they don't have a tax bill
For example, you are suppose to receive child support for your child each month. The child support is considered income, but if you forgot to tell them that your Ex did not pay the support payments 7 out of 12 months last year -- you could be in trouble.
A chain of actions are set into motion when IRS's computer realizes that you filed taxes, but didn't send in the money! The first thing it does, is create a file and put you in the COLLECTIONS database. This means that it will be sending you written communications (like love letters) until a "human" tells it to Stop!
The option to take help is up to you. As long as you can manage the meeting with IRS on your own well you do not need a tax attorney. If not try and get a suitable firm with experience to look in to the matters on your behalf and you will realize the burden off your shoulders.
Tax planning strategies may be known to some people as tax schemes, however, we are talking about legal schemes and plans. Planning your strategy for the up and coming year should be done about mid-year of the current year you are in. This gives you plenty of time to learn about any changes that will be coming up the next year, and whether or not you need to adjust some of your investments.
About the Author
{if $articleAuthor->occupation}Occupation: {$articleAuthor->occupation}
{/if}
{$articleAuthor->biography}
{if $articleAuthor->website}{/if}
This article is free for republishing
Printed From: http://www.goinglegal.com/what-happens-if-you-have-unfiled-tax-returns-2030665.html
Back to the original article
Tags: small business owners, interest charges, social security number, taking your time, tax software, name social security, business corporations, wage earners, tax bills, business assets, tax lawyer, planning strategies, prospective home buyers, essential service