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To avoid penalties, complete and file tax return correctly

| Mar 6, 2015 | Uncategorized |

This time of year many readers have either filed or are preparing to file income tax returns. It may seem unnecessary to say but as the tax deadline approaches it is good for some people to be reminded of the importance of following the instructions when completing the return. For some this helps people to remember how important it is to file an income tax return that has been completed correctly. In fact some people need to be reminded to file a return at all.

It is important that people throughout the nation recognize that while some individuals may claim to not have to file a tax return, in truth, most people do. Submitting a document saying that you do not have income and therefore do not need to file is not sufficient. If you have taxable income that was reported via a paycheck, you have income and probably need to pay taxes.

Those who rather than file a legitimate return, opt instead for a frivolous tax return could be assessed a financial penalty by the Internal Revenue Service. For those who claim to not have an income, $5,000 can make a big impact. In addition, penalties for an erroneous refund claim, civil fraud and accuracy could be leveled at an individual.

Residents of the state of California should realize that this penalty could be assessed even if they pay someone else to help them with their taxes.

If you find yourself in this situation you may need help sorting the matter out with the IRS. A lawyer who handles tax matters may be of assistance in this situation.

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