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What Happens if You File Your Taxes Wrong?

What Happens if You File Your Taxes Wrong?

By on Apr 15, 2017 in Consultation | 0 comments

Taking your tax responsibilities as a United States taxpayer is something you shouldn’t take lightly. Major consequences have to be faced by those who do. Some are minimal and others are quite serious. The good news is that all of these consequences can be avoided!

Success Tax Relief, is a tax relief firm that has been in the business of helping taxpayers get out of debt for over 30 years. We’ve managed several cases where improper tax filing was corrected with a smack on the hand to something far worse.

Many people thinking they can keep more of their tax refund if they file their own taxes. However, many have discovered that they end up paying more because they prepared them improperly.

Be Aware of the Tax Due Date!

The Internal Revenue Service (IRS) gives you approximately three months to file your taxes. April 15 is usually the deadline, unless some federal event pushes the date forward. If such a thing happens, the IRS makes sure that the amended deadline is posted on their official website. The Success Tax Relief blog does a pretty good job of informing you too! At any rate, should you miss the deadline, you can expect to pay a late penalty.

You’ll Pay a Late Payment Penalty

Many taxpayers probably already know about the late filing penalty, but they might not know about the late payment penalty. Usually, when you file taxes, you’ve already taken care of how you’re going to pay if you owe and may have already supplied the IRS with your bank and routing number for a direct deposit. So, when you file your taxes, the IRS considers that you’ve already taken care of the payment. Therefore, if you have not filed your taxes on time, then the IRS has no choice but to believe that you haven’t taken care of your payment, because the filing determines this! This is why you’re penalized with a late payment fee on top of a late filing fee.

You’ll Delay Your Tax Refund

Filing your taxes wrong is going to result in delaying your refund. It also means that you might get audited. This is because if you file your taxes wrong, then the IRS has no other choice than to audit your current filing. They may only review the year in question, but if there is an egregious error, then the IRS may be forced to look a little further back into your tax filing records. However, in most cases, it’s just going to be the year in question, but one thing is certain, you can expect to receive your return a little late—whether it’s by mail or electronically.

Remember, This Can All Be Avoided!

The more serious consequences can result in the garnishing of your paycheck, your property could be seized, or worse, you could face imprisonment. Again, this can all be avoided. If you find yourself in such a predicament, contact Success Tax Relief and let us help you out. Call 877-825-1179 for a free consultation today!

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