Filing taxes is a requirement for most of us—what happens if you decide not to file a tax return?
Filing your taxes might not be one of your great joys in life, but it is an important process. Since doing taxes can take a while to manage, some people wonder how important it really is to file taxes and get them handled on time. In this article, we are going to look at the legality of failing to file your taxes and what it might mean for you.
Not Filing a Tax Return: What You Need to Know
Filing taxes is a requirement for most people. If you do not file your taxes, it is unlikely that someone will appear to arrest you at midnight—but that does not mean it is legal. You are obligated to file your taxes, and there are very real consequences for failing to do so.
Is it Legal to Not File a Tax Return?
There is a common belief that everyone has to file taxes, but that actually isn’t true. For certain people in certain circumstances, filing taxes is a process that can be skipped. However, it is very unlikely that the average person will meet these standards.
Unless you know for a fact that you are one of the few people who are exempt from filing taxes, it is absolutely necessary to file a tax return. Most people are legally expected to file a tax return every single year.
Can Refusing to File a Tax Return Land You in Jail?
Since it is technically possible to skip filing your taxes by simply not choosing to do so, you might be wondering what the repercussions are. How enforced is this process, and what does it mean if you choose not to file your taxes as outlined by the existing laws?
Failing to file your taxes is one form of tax evasion, and it is absolutely illegal. While it is possible that you could just end up paying a fee, failing to file a tax return is a crime that can be punished with one year of jail time for every year that you choose not to file your taxes.
Ensuring Your Tax Return is Filed on Time
Since it is illegal to avoid filing or paying your taxes, it is important to make sure it is handled on time. To avoid any problems that come with failing to file your taxes or filing them incorrectly, it is best to work with tax professionals who can help you to get them done the right way and on time!
Failing to file your tax return is a serious crime, and it is one that is easy to avoid with the right support and tools. To get help with tax preparation, Wichita, KS residents can partner with us today. We help individuals and businesses to manage their taxes every year!