Small or large business owners and self-employed individuals alike run the risk of losing out significantly when neglecting to file past due tax returns. Failing to file your taxes in general, even when they are already overdue, can cause excessive IRS issues that end up following you long term.
While many people delay filing their taxes or choose to not file them at all with the goal to save money, the idea often backfires. The consequences pile up quickly when the IRS hits them with penalties and interest charges for failure to file and pay the balance owed.
The Negative Impact of Neglecting Your Tax Returns
Avoiding your tax returns can yield unpleasant, immediate consequences, like stressful notices and hefty fines. However, many of those fines have the potential to stick around for some time, due to the vicious cycle that debt and interest charges can put into motion.
Owing debts to the IRS is hassle enough on its own, but when the debt is severe enough and you continue to dodge the responsibility to pay the balance, you may even risk facing community service or prison time. Consider the following less extreme—yet still burdensome—ways you may lose out by failing to file your returns and address your IRS debt:
Take the steps necessary to avoid falling into a deeper financial hole with the IRS by speaking with a competent Cook County IRS issues lawyer the moment you realize you are in trouble. If you want to avoid any of the aforementioned hazards, the key is to tackle your IRS responsibilities as they arise, not once the damage is done. Call the Law Offices of Eric G. Zelazny at 708-888-2299 to address your questions and concerns and receive your personal consultation today.