Unfiled Tax Returns

The government frowns upon unfiled tax returns, and failing to file a tax return can lead to exorbitant penalties.  Even if a taxpayer is unable to pay a debt, the tax return should be filed as soon as possible to minimize the potential penalties associated with unfiled returns.  Additionally, failure to file a return could result in the taxing authority filing a substitute return, which often substantially inflates the taxes owed.  Some states recognize substitute returns as final, and after a period of time do not allow taxpayers to file replacement returns with more accurate figures.  Please contact Larson Financial to get answers specific to your situation.