3 Things You Need To Know About Tax Returns

While just about everyone knows that they are supposed to file a tax return each year, that doesn't stop countless people from not doing so. Whether it be because they are worried about owing the government or they simply don't know what they are doing, letting years of unfiled tax returns continue to pile up isn't doing you any good. To help you better understand more about dealing with unfiled tax returns, here are a few things you need to know.

Not filing your returns can get you in trouble.

You are responsible for making sure your tax return is filed on time every year. Not filing your return could get you in trouble, and not filing for multiple years is that much worse. You could be guilty of tax evasion. As a citizen of the country, it is your job to make sure you file your taxes on time, each and every time. If you don't know what you are doing or need additional assistance about where to include a certain item on your taxes, you might want to seek the help of a professional.

You can file for an extension if needed.

If you don't think you will have all of your paperwork done on time, you might want to file for an extension to prevent being charged with any penalties for not getting your return turned in on time. The extension will give you an additional six months to get everything filed and turned in. It is far better to do this than it is to let all of your returns keep piling up on you one year after the next.

You can get a payment plan with the IRS.

For some people, they don't file their returns because they know they are going to owe money to the IRS and they simply don't have it to pay right now. However, you can work out a payment plan with the IRS and get your finances under control along with your tax return. They are willing to work with people, but you have to take the first step in calling them and discussing the different options they have available for you.

Don't allow one year of taxes after another to go by without filing your return. You only end up accumulating penalties and fees by not filing, so you can save yourself the hassle by simply filing your paperwork each year.