Thinking Outside the Box Law Legal Issues Podcast: The Good and Bad of Unfiled Tax Returns
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Thinking Outside the Box Law Legal Issues Podcast: The Good and Bad of Unfiled Tax Returns
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This legal podcast, authored by Jon Dowat, an attorney at Thinking Outside The Box Law, Inc., focuses on the serious repercussions of not filing tax returns, whether or not a person owes taxes. The text explains that even if no taxes are owed, individuals can forfeit refunds, lose opportunities to carry over business losses, miss out on refundable tax credits, and risk the IRS filing a less favorable substitute return on their behalf. Furthermore, unfiled returns can impede eligibility for bankruptcy and make securing loans difficult. For those who owe taxes, the consequences escalate to hefty penalties, potential incarceration, public tax liens impacting credit, wage garnishments, and bank levies. Despite these warnings, the firm emphasizes that it's not too late to rectify unfiled returns and offers professional, non-judgmental assistance to simplify the process.
https://thinkingoutsidetheboxlaw.com
email@otblaw.com
630-225-9840