Unfiled Tax Returns in New York City
& Finding a Lawyer for Unfiled Tax Returns
Unfiled tax returns are a common problem in New York City, New York, that cannot be taken lightly. The consequences of not filing your taxes can be severe and far-reaching, impacting everything from your credit score to your ability to get a loan or mortgage in the future. This is why it is critical to understand what unfiled tax returns are, why they happen, and what you can do about them.
What are Unfiled Tax Returns?
Unfiled tax returns are simply tax returns that have yet to be submitted to the Internal Revenue Service (IRS) by the due date. This happens to New York residents for many reasons, such as forgetting to file, being unable to pay the taxes owed, or simply being overwhelmed by the tax preparation process. Regardless of the reason, the outcome is the same: The IRS considers you to be in violation of the law. However, once it is clear an individual has missed the filing deadline, the IRS has several measures it can take to collect any taxes owed that can inconvenience and burden the taxpayer more than the initial filing process ever would have. Connecting with an attorney can help taxpayers in New York City understand their options when filing past-due returns and getting back on track.
Consequences of Not Filing Taxes
The consequences of not filing your taxes are far-reaching and severe. The first and most obvious consequence is that you will owe penalties and interest charges on any taxes you owe. In addition, not filing your taxes can hurt your fragile credit score, making it more difficult for you to obtain loans or mortgages in the future. This can extend the burden of your original tax debt for years to come, impacting how you and your family can achieve other life milestones. Finally, if the IRS decides to take legal action against you, the consequences can be even more severe, including wage garnishment, bank account levies, and even jail time resulting from tax evasion.
What to Do if You Have Unfiled Tax Returns
If you live in New York and have unfiled tax returns, it is vital to address the issue as soon as possible. The first step is gathering all the necessary information and documents, such as W-2 forms, 1099 forms, and other income-related documents. You will also need to collect information on any relevant deductions, such as charitable contributions, mortgage interest, and medical expenses.
Once you have all the necessary information, it is time to file your taxes. You can do this by mail or online, and the IRS provides various resources to help you, including online tools, calculators, and tax preparation software.
If you owe taxes and do not have the financial means to pay the full amount, it is important to contact the IRS to discuss your options. In some cases, the IRS can offer you a payment plan or other resolution to help you address your unfiled tax returns. Working with an attorney can also be beneficial, as they can assess your specific burdens and uncover potential areas where you may be eligible for relief while still complying with New York tax law.
Whether or not you owe taxes, staying in contact with the IRS and keeping up with any payments or correspondence is important. Ignoring the problem will only make this tax violation worse and can result in additional penalties and interest charges. Tax evasion is a federal offense, and the more it appears that you are deliberately avoiding your taxes, the greater the risk you face of potentially facing criminal charges. Proactively addressing unfiled tax returns and working with a knowledgeable attorney can help you protect yourself, your finances, and your future.
Delia Law Can Help With Unfiled Tax Returns in New York City, NY
At Delia Law, we believe that everyone deserves a second chance to get their finances back in order. So if you’re feeling overwhelmed by unfiled tax returns, our expert team of tax professionals and attorneys is here to help.
Why You Should Always Consider Hiring a Tax Lawyer
With a focus on personalized attention and tailored solutions, we’ll work with you every step of the way to resolve your unfiled tax returns and put the past behind you. From payment plans to legal representation, we have the expertise to help you overcome even the most complex tax issues.
No matter what your situation may be, our team at Delia Law is dedicated to finding the right solution for you. Our commitment to our New York City clients is unmatched, and we won’t rest until you’re back on the path to financial stability.
Don’t let unfiled tax returns in New York hold you back any longer. Get in touch with Delia Law today and discover the peace of mind that comes with expert help. With a proven track record of success, you can trust us to get you the results you need to move forward with confidence. Contact us today to get started.
New York-Specific Tax Laws
New York residents are required to pay taxes on income that was earned as well as for federal taxes. In fact, some people who don’t even live in New York must pay state taxes. If you lived elsewhere but acquired the money through a source in New York, you must pay state taxes on that income.
There are four main types of taxes in New York:
- State income tax. New York State has a graduated income state tax, which means your tax rate increases as your income increases. The state’s tax rates range from 4% to 10.90%. For example, if you make under $8,500 annually, you will only be subjected to a 4% tax rate. However, if you make $25,000,001 and over, you are now facing the higher end of the state’s tax bracket at 10.90%.
- Local tax. The local tax is a county-specific tax, and the rates also differ based on income. For example, in Tompkins County, the local tax rate is 4%. In contrast, in Suffolk County, the rate is 4.25%. The variation in local tax rates can make a significant difference in the overall amount of taxes you owe.
- City tax. City taxes are only applicable to those who live or have earned money in New York City. This applies to individuals, trusts, estates, partnerships, S-corporations, and corporations. The city tax rate is 3.078%, 3.762%, 3,819%, and 3.876% depending on the bracket your income qualifies for.
- Corporate tax. If you are a business owner, you are also required to pay corporate income tax. The tax rate on your corporate income ranges from 6.50% to 7.25%. These taxes generated from businesses is one of the main sources of revenue for the state of New York, and it helps to fund many of the state’s programs and services that benefit its residents.