As a common proverb, nothing is permanent except death and taxes. Well, even if everyone knows about it, a surprising list of people fail to file the income tax return. Are you one of them who thinks you would be able to evade it? It is time to reconsider your plans. However, why worry when you have experts helping you with the tax services Beverly Hills.
Even if you have not been able to do pay the tax, you must file a return. It is mainly because if you don’t do it, this would give rise to numerous domino effect of consequences. No matter how many individuals tell you that it’s no big deal and the IRS have bigger things to look on, remember the IRS have a job to do. Even if no legal action would be taken against you, if you fail to file the return it would work against you.
By hiring the expert professionals, you can make the most of it and not face negative consequences.
Filing tax return is mandatory
When you are confused about whether to file the return or not, it is always better to leave it in the hands of the experts. You can avail tax services Beverly Hills and ensure that you file the return at the right time to escape dire consequences later
There are instances when you don’t need to file the tax return. For instance, if your income is less than the standard deduction and you don’t owe self-employment taxes, then you don’t have to file any tax return. Even if you don’t have the money to pay the tax, then too you need to send a tax return rather than skipping it completely. Here’s why;
The IRS imposes a fee for not paying the tax and also imposes a separate fee for not filing it. Also, the fee gets charged every month. You sure don’t want to face this hassle, right? This is one of the reasons why hiring tax experts would be beneficial. In fact, whatever you pay or you don’t, you would be able to save big by submitting the necessary paperwork.
You must also consider the facts what IRS does or how they take action when you don’t pay taxes. It involves preparing a substitute return that would be completed without consideration of tax advantages. The best way to find about this is by availing tax services Beverly Hills. The tax experts have all the necessary knowledge that would help you in the long run.
The IRS is also limited to the statute of limitations, which gives you three years time from the date you have filed to perform the audit. This time period starts when you file the return. So, the sooner you get the paperwork done, the chances of IRS audit reduces. The tax professionals can actually help you in it.
What happens if you file the return without submitting the money you owe?
Once the IRS processes the return that doesn’t have a payment or discover that you have failed to file and pay the tax, they would issue a Notice of Tax Due and would demand a payment related to how much you owe in the tax, penalties and interest. However, if you don’t have enough funds for the payment, it is better to avail assistance from tax services Beverly Hills to help you resolve it.
Options for resolving include;
• Allowing a temporary delay
• Setting up an installment agreement
• Settling through an Offer in Compromise
It is better to avail the tax assistance before you land yourself in such tax return issue.
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