Each person has the responsibility to file an income tax return if his income bracket exceeds a level specified by the IRS. There are many benefits derived from filing a return, including eligibility for refunds and tax credits, among others.
Unfortunately, year after year, it’s been reported that individuals in different states including those in Colorado do not file their returns due to a host of reasons.
There are countless reasons, actually but whatever it is, the IRS may elect to file it for you using information culled from your tax records. This may cost you a lot of money you may not be prepared to settle. This is because, in addition to back taxes, the IRS will be imposing penalties and interest resulting from your delinquency.
IRS imposes heavier penalties on failure-to-file incidents than failure-to-pay situations. Thus, never undermine the importance of filing your tax return on time.
If you’ve been delinquent and need advice, call an experienced Colorado tax attorney for assistance. He can assist you to negotiate with the IRS for liabilities settlement.