Taxes are a daunting task for many people, but for those who are self-employed and not filing their taxes, it can be an utter nightmare.
I know personally because I went over 8 years not filing my own income taxes while I worked as EMT and was working some “side hustles” earning money in MLM and other side ventures.
The idea of not paying your taxes might seem appealing to some, but it comes at a grave cost.
If you’re a non-filer, you’re putting yourself in financial and legal trouble.
This blog will discuss what every non-filer needs to know about tax trouble.
From what penalties you face when you don’t file your taxes to how to get back on track, this blog post will give you all the information you need to keep yourself out of trouble.
Firstly, we want to cover the penalties for not filing your taxes. Non-filers are subject to heavy penalties and interest. The longer you wait to file your taxes, the more interest accrues. This means that you will end up owing more than what you would have initially owed.
The penalties for not filing taxes range from fines to federal imprisonment. The IRS can even seize your assets, including bank accounts, wages, and real estate if you don’t pay your taxes.
Secondly, if you’re a non-filer, we urge you to file your taxes as soon as possible. The sooner you file, the easier it will be to resolve your tax issues. Filing your taxes shows the IRS that you’re serious about rectifying your situation. Don’t wait until the deadline to file your taxes.
If you are unable pay your taxes in full, the IRS offers payment plans to help ease the burden. Check out their website for more information.
Thirdly, it’s essential to keep accurate records of your taxes.
This is particularly essential if you’re self-employed. Keeping track of your expenses, income, and deductions can help you immensely when you file your taxes.
Accurate record-keeping also shows that you’re a responsible taxpayer and can help you avoid penalties if the IRS ever audits you.
Fourthly, it’s important to understand that the IRS can work with you to help resolve your tax issues. The IRS has programs in place that can help non-filers get back on track. However, you must be proactive and willing to work with them. Ignoring the issue will only make your situation worse.
The IRS can help you resolve any tax issues, but it’s up to you to reach out to them.
Finally, if you’re a non-filer, you should consider seeking professional help. My company specializes in dealing with Non-Filers.
You better help a non-filer than a former non-filer. Most important, I am licensed by the Department of Treasury as Enrolled Agent to represent you in your IRS case. I can help you understand your tax obligations and work with the IRS to resolve any issues you may have.
A tax professional can also help ensure you’re not overpaying your taxes.
The consequences of not filing your taxes are severe. As a non-filer, you’ll face penalties, interest, and in some cases, legal action.
However, the good news is that there are ways to resolve your tax issues. Filing your taxes, keeping accurate records, and seeking professional help are all steps you can take to get back on track. Don’t wait until it’s too late.
As a self-employed individual, it’s essential to prioritize your taxes and ensure that you’re fulfilling your tax obligations. Hopefully, this blog post has given you the knowledge and tools to do just that.
Until Next Time,
Carlos Samaniego EA
Enrolled Agent
TaxDebtConsultant.com
909-570-1103
