Prior Year Tax Filing
Don’t delay; file your Prior Year Tax Filing now! The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund says Gustavo A Viera, CPA.
If you owe taxes, a delay in filing Prior Year Tax Filing result in a failure-to-file penalty and interest charges. The longer you delay, the larger these charges grow.
“If you are due a refund and don’t file Prior Year Tax Filing could lose your refund”, states Viera. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing aPrior Year Tax Filing. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is generally three years after the return due date.
There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just keep putting it off or simply forgot. Whatever the reason, it’s best to file your return as soon as possible. If you need help, even with a late return, Gustavo A Viera, CPA is ready to assist you.