“I won’t wait until the last minute to file my taxes next year.” – this is what millions of people tell themselves every year before the tax season arrives. For some reason there are millions of people who wait until the very last minute to turn in their tax forms for the coming year. This can lead to a lot of problems that could be very costly. Let’s take a look at a few more tax problems people come across.
Don’t forget to include all of the necessary information you’re suppose to provide. Often times people have bank accounts and assets that they avoid mentioning or forget to mention at all. Whether it was intentional or not, this can get you into a lot of trouble. When it comes to Taxes Galt CA has, the IRS takes these bits of information very seriously. People have been known to attempt to hide millions of dollars worth of assets in offshore accounts or in other foreign areas. If you’re caught doing this, whether it was a mistake or not, you could face hefty fines and even prison time.
Some people make the mistake of not filing their Taxes Galt CA has. These people either attempt to avoid paying their taxes or believe that they don’t have to pay anything. If you don’t file your taxes, the IRS will likely catch up to you sooner or later. The regular statute of limitations of three years doesn’t apply to those who have yet to file their returns. There have been countless people who have had to face unpaid taxes that stem from 15 or 20 years ago. Don’t make the mistake of thinking you don’t need to file. If you think you need to file, then do so just to be safe.
There are some problems that people just can’t seem to avoid. For instance, identity theft is a major problem for millions of people. Every year, the IRS has to deal with hundreds of thousands of claims about tax return checks being stolen. Some cases involve people filing returns under other people’s names. Once someone has your personal information they can do just about anything. Unfortunately, most identity theft victims don’t know they’re a victim until it’s too late.