Wednesday, August 10, 2011

What to Do If You Haven't Filed Your 2010 Return

If you filed an extension to file your tax return time is running out. You have until Oct 17th. If for some reason you didn't file the extension, you may have other problems.

The failure to file a federal tax return can be costly - whether you end up owing more or missing out on a refund.
There are several reasons taxpayers don't file their taxes. Perhaps they didn't know they were required to file. Maybe they just kept putting it off and simply forgot.
Whatever the reason, it's best to file the return as soon as possible. If you need help, even with a late return, we are ready to assist you.
Here are some things to consider:
  • Failure to File Penalty. If you owe taxes, a delay in filing may result in a "failure to file" penalty, also known as the "late filing" penalty, and interest charges. The longer you delay, the more these charges grow.
  • Losing Your Refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is three years after the original due date.
  • Earned Income Tax Credit. Individuals who are entitled to the Earned Income Tax Credit must file their return to claim the credit even if they are not otherwise required to file.
Whether you must file a tax return depends on a number of factors, including your filing status, age, and gross income.
Still need to file a tax return for 2010? Call us today. We can help you file your return and avoid additional fines and penalties.

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