Income Tax Return- haven't filed till yet?

If you have got delayed in filing your tax return or have other prior year returns that have not been filed, you should consider the consequences of not filing the returns.

All the tax returns that are due, should be filed by the taxpayers, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.

Some basic Facts about filing Tax Returns

• Late filing of return or failing to file a return can be costly.  If taxes are owed, a delay in filing may result in penalty and interest charges that could substantially increase your tax bill. The late filing and payment penalties are a combined 5% per month (25% maximum) of the balance due.
• If a refund is due, there is no penalty for late filing or failing to file a tax return. But by waiting too long to file, you may lose your refund. In order to receive a refund, the return must be filed within three years of the due date. If you file a return and later realize you made an error on the return, the deadline for claiming any refund due is three years after the return was filed, or two years after the tax was paid, whichever expires later.
• Taxpayers who are entitled to the Earned Income Tax Credit must file a return to claim the credit, within three years of the due date in order to receive the credit, even if they are not otherwise required to file.
• If you are self-employed, you must file returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.

Taxpayers who continues non filing of required return and fail to respond to IRS requests to do so may be subject to a variety of enforcement actions, all of which can be unpleasant. Thus, if you have returns that need to be filed, please contact http://www.work2india.com/ so we can help you bring your tax returns up-to-date, and, if necessary, advise you about a payment plan.