Delinquent Tax Returns
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Let Kedra help you find relief from:
Haven't filed taxes in years? Owe back taxes? Worried that the IRS is going to find you? Feeling overwhelmed and looking for help?
You’re not alone, but you do need to take this situation seriously — and Kedra A Flowers can help.
We will pull the tax forms on file from the IRS and along with your past records reconstruct those missed returns to get you back on track. If you have IRS taxes owed, we’ll help relieve your stress and get back on track. Contact Kedra A Flowers in Dallas today to get started.
Consequences of Not Filing Tax Returns
There are several benefits of negotiating an IRS settlement, including relieving the stress and burden of tax debt. Tax relief is possible, and Kedra A Flowers can help.
The most obvious benefit of an IRS settlement is that you pay less upfront by creating a repayment plan. Late fees and other types of penalties can be removed so that you are simply paying what you owe rather than additional money. With an IRS settlement, you also avoid the placement of liens and levies against your home, car, or business. You can also avoid wage garnishments and take a more active role in paying back your debt.
Failure to File Penalty
If you have delinquent taxes, you may receive a “failure to file” or “late filing” penalty, which comes with interest charges. The longer you take to file your taxes, the larger these charges get.
Losing Your Refund
If you are due a refund, not filing your taxes means that you may forfeit the opportunity to receive that refund. The tax law provides you with a three-year window to claim a refund, and if that closes, you won’t be able to collect the money you rightfully deserve.
Earned Income Tax Credit
If you are entitled to an earned income tax credit (EITC) you must file to claim that credit. Again, you have a three-year window from the due date of your taxes to receive this credit.
Tax Lien of Levy
If you owe back taxes, the IRS will eventually file a document called a tax lien declaring their intent to collect the tax money that they believe they are owed. If a tax lien isn’t taken care of, it can lead to a tax levy. If you receive a tax levy, that means that the IRS can seize your property to pay the taxes that are owed. The IRS can also garnish your pay to recoup the money owed. Learn more about tax liens and levies and contact Kedra A Flowers in Dallas to find tax relief.
Difficulty Obtaining Credit
The IRS can stop your financial freedom in its tracks. If you have a tax lien, which is a public document, you may find it difficult to find credit and receive loans. If you are looking to refinance your home, your tax problem can make it much more difficult. More so, you and your dependents will be ineligible for student loans.
No Statute of Limitations
Regardless of how many years of back taxes you owe, there is no limit on the number of years the IRS can go back and collect tax. It’s important to file as soon as possible so that you can find tax relief.
Sometimes filing back taxes is made more difficult because documents required to file are missing. The IRS requires taxpayers to keep paperwork for at least seven years, which means that your old boss may have a copy of your W-2 forms or your bank may have other tax documents like 1099 forms for income that you earned in the past that will need to be accounted for when you file. Depending on the circumstances, you may also be able to obtain missing tax documents from the IRS.
Kedra A Flowers has extensive experience acquiring missing tax documents and can pull the documents you need to file delinquent taxes. Contact her in Dallas today to get started.
What You Should Do
Regardless of the reasons why you have delinquent taxes, it’s important to file your taxes as soon as possible. If you live in Dallas and are having tax problems, Kedra A Flowers CPPA PC can help.
Know that if you are unable to fully pay any tax due, that doesn’t disqualify you from filing. You also have options such as the IRS Fresh Start Program to help you get back on track. The IRS Fresh Start Program can get you on an affordable installment agreement and even settle tax cases. Let Kedra A Flowers help you navigate the IRS and find tax relief.