Why It's Important to File Back Taxes
Mason J. Krangle
Certified Public Accountant & Financial Consultant/Planner at Mason J. Krangle, CPA, PFS, MBA, ChFC, CGMA | Licenced in Colorado & Utah | 20+ Years Experience.
There are several reasons to file back taxes. Here are just a few.
1.) Avoid penalties and interest on unpaid taxes. By filing your tax returns and paying your back taxes, you avoid further interest and penalties on what you owe.
2.) Avoid further collection actions. The IRS can pursue you for unpaid taxes by garnishing your wages, and place liens on your property. Payment of taxes owed stops the IRS from doing so.
3.) The IRS may owe you money. Many times, the IRS owes money to a taxpayer. This occurs when a taxpayer does not file because he/she assumes that tax will be owed when in fact a refund is due the taxpayer. This occurs when a taxpayer overpays taxes during the year.
4.) Peace of mind. Resolving tax issues by submitting late tax returns helps to alleviate stress by resolving issues associated with delinquent filing.
If you're on the fence as to whether or not to file your taxes, let's chat. Contact us at:
www.masonkranglecpa.com or 303-424-2846 for a free consultation.