Filing tax returns is a Federal Tax Mandate

All American’s that make a certain amount of money each annually are required to file tax returns. If you don’t file your tax returns the IRS will file for you. It’s called a Substitute Filed Return or (SFR). They won’t file in your favor and won’t take into consideration any exemptions, deductions or write offs you may be entitled to. After they’ve prepared your return they will assess you large erroneous amount that they claim you owe. This is why it’s always best to have your tax returns filed in a timely manner.

No losses can be carried forward on unfiled returns

If you’re incurring business or investment loss, IRS allows you to carry forward those sufferings to counterbalance your future year revenues. However, you are bound to file a Delinquent return the same year when the loss was incurred. If you fail to file or miss the deadline, you won’t be able to carry forward those losses from the previous year’s proceeds.

Potential Loss of Tax Credits & Refunds

If you’re eligible for tax credit such as the Earned Income Tax Credit (EITC), you must file a return to claim it. If you are expecting a refund for any given year, the tax return must be filed within 3 years from the time it was originally due or you’ll forfeit your refund.

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