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South Texas tax consultant

The usual tax season will be wrapping up soon, but that does not mean that the IRS will not be bothering you. Depending on how your returns look now—and even in prior years—you might find yourself dealing with an IRS tax audit anytime this year. Especially these days with so many people preparing their taxes on their own through apps and other software services, it can be easy to think that you might have made some mistakes on your returns that could call attention to them, raising numerous red flags in the eyes of IRS agents. Here is what you need to know about these audits and how you can avoid them.

What to Know About Tax Audits and How to Avoid Them

When the IRS audits your taxes, they are reviewing your tax returns and financial records to verify their accuracy. They want to check to see if you somehow did not pay the full amount of taxes due to them or if you failed to provide all the necessary and honest information to give them an accurate return. Some important facts to know about the auditing process include:

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San Antonio tax agent

Filing and paying taxes can be a complex matter, and it is understandable that many people put this process off until it is absolutely necessary. For most individual taxpayers, April 15 is the deadline to file an annual tax return and pay any taxes that they owe. In some cases, taxpayers do not file a tax return because they are concerned about penalties for delinquent back taxes, or they may be worried about the possibility of a tax audit if they did not file one or more tax returns in previous years. If you have any unfiled tax returns, you should be sure to understand the potential penalties that may apply and your options for resolving these issues.

Failure-to-File Penalties

If you do not file your tax return on time, and your return shows that you owe money to the IRS, you will be required to pay a failure-to-file penalty in addition to the taxes you owe. While this penalty usually will not apply if you do not owe any money or if you are eligible for a tax refund, you will not be able to claim your refund until your tax return is filed, and you will not be able to receive a refund if a tax return is filed later than three years after its original due date.

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