Have you filed your taxes? The official tax filing deadline is less than a month away. If your taxes are simple, you can probably do it yourself. I can’t remember when I last did my taxes myself. For the past decade, I have had a professional tax preparer prepare my taxes, and I am very satisfied with her work. I bring all of my pertinent documents, and after a few hours, my federal, state, and local returns are finished. According to the numerous judge shows that I watch, this is also the time of year many people will attempt to borrow money from you and tell you that they will pay you back when they receive their tax return. I always think that is funny. First of all, you have no idea how much they are getting back on their return or how many people they have borrowed money from. In most cases, they are in front of the judge because they never paid the lender back. My advice to everyone is don’t lend any amount that you can’t afford to lose. In many cases, you won’t get your money back, or you will have to chase it down. Filing your taxes is very important, especially if you want to borrow money or purchase a home. That lender wants to see how much you earn and where the money comes from. Did you know that failing to file taxes can be considered tax evasion if it is done willfully to avoid paying taxes that you owe? Intentionally not filing taxes to hide income or avoid detection of tax liability can lead to criminal charges. If you are required to file based on income thresholds and you deliberately do not file with the intent to avoid paying taxes, this is tax evasion or tax fraud. Willful failure to file can result in up to one year in prison per unfiled return, plus fines. File your taxes. April 15 is a month away.
