What are the Consequences of Not Filing Your Tax Return?

If you were not able to file your tax return and it has already reached its due date, the IRS will certainly issue a fine against you. This fine can apply to any kinds of tax return, but it is reserved for those people who willfully choose not to file. Basically, this denotes that you have a very great reason for failing to file your tax return, the IRS will release forgiveness to you and will give you another chance.
What will cost you if this happens?
If you were not able to file your tax return from Tax Return Melbourne, this will cost you about 5 percent of the entire amount of your net tax due every month the return is deferred. Net tax due denotes the quantity of tax that is scheduled on your salary minus any disbursements made on or before tax return must be filed.
The least flop to file fine the IRS can give to you is less than $135 or 100 percent of the net tax that is scheduled on your next return. The greatest flop to fine penalty that IRS can give to you is about 25 percent of the net tax that is scheduled on your next return.
For instance, if you owe 10000 US dollars and you were not able to file your tax return for about 5 or 6 months, the IRS can only fine you with 2500 US dollars because of the 25 percent cap.
Fake Failure to File Tax Return
If your tax return is seen to be a fraud return, the fine is much more graver. Each and every month you don't file your tax return because of deceit, you will be charged with about 15 percent penalty on your next tax return. The maximum fine that can ensue overtime is 75 percent of the entire next tax due. This kind of fine is typically given to taxpayers who were not able to file their tax returns in an effort to evade paying of taxes. Learn how to file for a tax extension with these steps in http://www.mahalo.com/how-to-file-for-a-tax-extension.
In knowing whether to apply the fraud failure to file fine against the taxpayer the IRS will see the following:
1. The taxpayer was not able to explicate the reason for doing so,
2. The taxpayer is making up things that are not congruent with the case seen by the IRS,
3. The taxpayer already has a history of doing so,
4. The taxpayer has a couple of hidden assets.
There are still a lot of things you should know about it and it is best to approach Tax Return Brisbane.