If there is one thing that is certain in life it's.....
We all know this saying and it's true. Some of us have unfiled tax returns and may think that they are safe if three years has past and the IRS hasn't knocked on their door. This actually may not be true! Fortunately one of my favorite websites for knowledgeable legal tax advice comes from Taxgirl.com (love her site!)
Below are three very important tips every person should know regarding your tax return.:1. There is a statute of Limitation (SOL) of 3 years for assessment of taxes expires 3 years from the due date of the return OR the date you filed.
2. If you fail to file, guess what? The SOL never kicks in so it's totally still up for grabs!
3.With respect to collections, the IRS generally has ten (10) years after the date of the assessment of tax or levy to collect.
The best advice is if you haven't filed your return it's best to get with a professional to help you navigate through the process. Also you have 3 years to have your taxes amended if you believe it was an error. Don't assume the 3 years SOL is as simple as it seems. Luckily my firm and partners are offering free tax review services for tax years 2007, 2008, and 2009 and so far have discovered several errors, missed deductions and more.
Check out the full blog post here and then give us a call to schedule your free review. 8884494145
As always,
Be empowered!
-Katrina
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