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Taxes in 2014: Did You Do Them?

Many people in the United States do not file tax returns every year. They may avoid filing because of fear that they will owe more than they can pay. They may have simply forgot to file. When this happens, there is a significant number of events that go into action, and a taxpayer should file returns as soon as possible when they realize that they have forgotten to file their taxes.

Taxes Are Due, and 2014 Refunds Are Set to Retire

Owing taxes to the IRS is not dependent on a tax return, and the IRS has no time limit on collecting taxes if you have not filed your return. While the IRS puts refunds back in the US Treasury after 3 years, the taxes an individual or business owes the IRS stay on the IRS’s ledger. There is no way to remove taxes owed without filing a tax return.

Get a Tax Return When Possible

The IRS estimates that 1 million taxpayers did not file their tax return in 2014, and that from those unfiled returns, there is $1 Billion in tax returns. Because of the large amount of funds the Treasury owes, it makes sense to file before next week, when the 2014 funds are still available for filers.

What Happens If I Do Not File My Return?

First off, you are required to file by law, which means there are criminal consequences for those who are required to file a return but do not. Additionally, there are no positive benefits from filing your return. The IRS might have already filed a substitutionary return on your behalf and started collections against you. The easiest way to stem collections and other actions against you is to get caught up on all unfiled returns as soon as possible.

There is no reason not to file your tax return for any previous years.

To read the IRS’s announcement about the last chance for 2014 taxes, click here.