Unfiled Tax Returns

Also known as that pile of paper on your desk.

The government frowns upon unfiled tax returns, and failing to file a tax return can lead to exorbitant penalties. Even if a you are unable to pay a tax liability, the tax return should be filed on time, or as soon as possible. Filing your taxes helps minimize penalties associated with unfiled returns.

Substitute returns

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. This can result in the taxpayer being liable for more money than is actually owed.

To resolve your tax problems, please contact Larson Financial today.

The information provided on this website is for general guidance and to offer the user general information on particular subjects of interest. It is not intended to constitute legal, accounting, tax or other professional advice or services. To the extent that this site concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
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