“In this world, nothing is certain except death and taxes.” It’s an old saying from Benjamin Franklin, but like the liberty bell, it rings true (they still ring it!) to this day. Every year millions of Americans file their taxes, but some seven million Americans fail to file with the IRS, drawing penalties, losing their refunds, and even spending some time in jail. Our expert tax advisors at Feinstein Tax & Accounting in Fort Myers, Florida, can protect you and your assets from these common pitfalls. Book a consultation today!
You Could Delay Your Return
Failure to file your taxes carries an immediate penalty: the denial of your tax return. Your tax return is a valuable tool for either paying back debts, padding your bank account, or even bolstering the success of your business. The average personal tax return is valued at $3,536 — not pocket change by any measure.
You Could Spend Time in Jail
The first thought that most people have when they fail to file taxes isn’t a stint in jail, but the IRS is willing to — and has in the past — send people to jail for a term of up to five years in extreme cases of offense, and one year for each year you fail to file. You might know these offenses by their common names: tax fraud and tax evasion. Want to avoid penalties? Speak to a personal tax advisor from Feinstein Tax & Accounting, and protect yourself!
You Could Get Hit With a Fine From the IRS
The IRS’ 5% failure to file penalty is applied to all unpaid taxes each month until your tax return is filed. The fine caps out at a maximum of 25%, but 5% each month is nothing to sneeze at, especially if you’re a business owner. That’s why we offer thorough tax consultation services for businesses or individuals — because your success is our success.
You Could Delay Your Audit
Let’s say you need an audit because you filed your taxes incorrectly. Your tax audit is then placed into a pile of other accounts that need auditing, which can take up to 26 months to process. This means you’re under review for the next three or more years, or until your dispute is resolved.
Protect your tax information, return, and keep yourself from incurring fines by speaking to a tax advisor from Feinstein Tax & Accounting!