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A reliable source of income is a nice thing to have. Without an income flow there is no way to feed a family, pay a mortgage, buy a car, or enjoy the finer things that life has to offer. Along with earning a paycheck is paying your taxes.
It is very important that the person earning the income file taxes. Nobody likes to pay their taxes, especially because of how much the government may take out. As frustrating as paying taxes may be it is required by the law that they are filed. An individual who does not file taxes will have to reap negative consequences.
Some of the consequences of not filing taxes are:
- Penalties – Not filing taxes with the IRS may lead to the government imposing a failure to file penalty. In addition to this penalty there may be interest charges on the amount owed. Not filing taxes could result in a 25 percent increase in the amount owed.
- Loss of refund – There may be a refund due to the person who is not filing the taxes. Although a person will not be penalized by not filing taxes, a refund cannot be obtained. After a certain amount of time the IRS is no longer required to pay the person who is owed the refund.
- EITC – A tax payer may be entitled to an Earned Income Tax Credit. A tax return must be filed in order to claim an EITC. An individual has three years of the tax due date to file and receive an EITC.
For help with your tax concerns, contact and experienced Norfolk tax lawyer at Tavss Fletcher. Call 757-625-1214 today to schedule a consultation and to discuss your individual situation.