Fail to File Your Tax Return and Face Scary Consequences

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Fail to File Your Tax Return and Face Scary
Consequences
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If you are used to procrastinating with most
things, you better not do it when it comes to
filing your taxes. This is because the Internal
Revenue Service (IRS) has strict policies, such
that if you file your taxes late, you'll be given
a 5 penalty on the amount you owe for every
month you delay.
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These are the consequences that await you if you
do not file your taxes on time.
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• Late Penalties
• If you are aware of the importance of filing your
  tax return, you may already know that you will be
  given some degree of penalty for not filing your
  taxes.

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• Forfeiture of Tax Refund
• If you are due for a refund from the IRS, do not
  think that you can keep your refund on hold
  indefinitely. While you are not rushed to claim
  it, you also cant just allow it to stay with the
  IRS for as long as you want. They are only giving
  you three long years after the tax year for which
  you filed to claim back your tax refund.

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• Substitute for Return
• The IRS is kind enough that they sometimes give
  an extension for the filing of tax return and
  even exert efforts in reaching out to delinquent
  tax filers, repeatedly reminding them to file
  their tax returns.
• If delinquent taxpayers ignore these reminders,
  the IRS will file a substitute for return on
  behalf of the filer by using the tax form data
  which they get from a delinquent taxpayers
  employer, bank, and other sources.

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• Arrest
• If you always ignore your responsibility to pay
  your taxes even after several reminders from the
  IRS, they will send a representative to collect
  your payment typically if you owe 25,000 or
  more. However, if you still do not pay, the IRS
  will automatically garnish your wages, seize your
  assets, or even put you in jail for tax evasion.

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If you need to negotiate with the IRS in order to
resolve your debt, there are easy ways to do it.
One is to avail of the Fresh Start Initiative
Program. You can use a self-help software that
can guide you on how to do the process.
www.fsi-diy.com