File your past due tax return now to limit late penalties and interest charges.
If you don’t file your tax return in time, loan approvals may be significantly delayed. Copies of your filed tax returns are required by financial institutions whenever you want to obtain a business loan, buy a home, or apply for federal aid for higher education.
The IRS will hold your income tax refund if one or more of your tax returns are past due. You risk losing your refund if you don’t file your return in time.
If you don’t file your return voluntarily, the IRS may file a substitute return for you. This could mean that you will not receive credit for the deductions and exemptions you are entitled to.
You should file your own tax return even if the IRS files a substitute return in order to claim any credits, deductions, and exemptions.
If you don’t file your federal income tax, your self-employment earnings will not be reported to the SSA. This means you will not receive credits toward Social Security Retirement/disability benefits.
