Around 10 millions taxpayers file their tax returns late or not at all every year, according to data gathered by Turbotax (Intuit). And, every year the IRS holds more than 1 billion in refunds that are waiting to be claimed. That is big. Turbotax made a nice infographic titled “Falling Behind: How Back Taxes Save Taxpayers”.
11 Most Popular Reasons for Late Or Not Filing Tax Return
Here are 11 most popular reasons for filing late or not filing at all:
5 Steps For Filing A Back Tax Return
It is not uncommon to fall behinda in filing tax returns, but to not file it at all is not a good move. In fact, IRS charge Americans a 5% to 25% penalty each month for late filing. Try to not late in filing. If you’re somehow still late, you’d better to keep trying to file it rather than not at all. “It’s never too late to file your back tax return,” Turbotax says. Here are five easy steps you can take:
Do not wait for IRS’s penalties. File your back tax return now!