| Any person who lives in the US and who have a | | | | Let's check what the consequences are, if you do |
| steady income is required to file their income tax | | | | not file your return on time. |
| returns with the Internal Revenue Service before | | | | • First for every late return, penalties will be |
| the 15th of April every year. Tax returns are the | | | | imposed. So it is better that you file all your back |
| forms in which details of the income tax are filed. | | | | taxes to avoid penalty. If you are not able to pay |
| The returns have to be filed for all types of | | | | the whole arrears in a single payment, you could |
| income; be it business income or individual income, | | | | negotiate for tax relief. |
| be it wages, dividends or any other type of | | | | • If they are not filed, IRS prepares a |
| income. Not filing the tax returns is a criminal | | | | substitute return which won't have the standard |
| offense and is punishable. | | | | deductions you are entitled to. Penalties and |
| There is an income limit beyond which you are | | | | interests are added to this income which they |
| required to pay the tax. The tax rate for each | | | | derived, and you will be asked to pay the amount. |
| income group is different. The higher the income, | | | | • If you fail to pay the amount assessed by |
| the greater is the tax rate. People beyond | | | | IRS, they might resort to acts like placing lien on |
| poverty level are not required to file any returns. | | | | your property, taking hold of your bank account |
| Children under the age of 14 and the elderly have | | | | and garnishing your wages. You will not be given |
| different criteria for filing returns on the income | | | | any allowances in your future taxes also. IRS can |
| from investments. If you are married then a joint | | | | charge you for evading tax which is a criminal |
| return has to be filed. | | | | offense and you might end up in jail. |
| Many people don't file their tax returns if they | | | | So it is necessary that you file them even if you |
| don't have the money to pay the taxes. This is a | | | | can't pay the amount. Then with the help of an |
| bad move. Even if you are not able to pay the | | | | experienced IRS Tax Relief Lawyer, you could |
| tax, the returns have to be filed. | | | | negotiate for tax relief. |