What If I Forgot To File My Taxes With The Government?
One annual responsibility that is required of all American wage earners is filing your taxes with the government. While many people enjoy filing taxes and anticipated their tax return, others delay or forget to file their taxes. If you forget to file your taxes, several negative consequences could occur.
The first negative consequence if you do not file your taxes with the Government is you could face a civil penalty. In many situations, if you are late on filing your taxes, you could face a late fee or similar penalty. If you are very late on your tax payment, the government will fine you a significant amount of $25,000 or more for each year of missed tax payments. If you do not pay the penalty, the government may garnish your wages.
The second negative consequence if you do not file your taxes with the Government is you could face a criminal penalty or charge. If you deliberately avoid filing your taxes, or deliberately do not report all of your income, you could face charges of tax evasion. Depending on the severity of this crime, you could spend a few years in federal prison.
What to Do
If you accidentally forgot to file your taxes with the government the first thing you should do is file your taxes immediately. If you are not able to file your taxes immediately, you could attempt to file an extension. Extensions of up to 6 months are often given and should give you plenty of time to gather your information and prepare your taxes. If you are extremely delinquent and have been penalized by the government, it would be wise to pay the penalty and file delinquent taxes immediately.