Information for Individual Taxpayers

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    Do you know there are life changing events you will encounter that may significantly impact your taxes?  We listed some below.
  • the age of a child
  • having or adopting a child
  • inheriting property; estates, stock, bonds, a vested interest in a business, etc
  • death of a spouse
  • change in marital status
  • change in employment status
  • change in profession
  • change in location
  • innocent spouse claim

                         Failure to file penalty
                                If you owe taxes, a delay in filing may result in a "failure to file" penalty, also known as the “late filing” penalty, and interest charges. The longer
                   you delay, the larger these charges will grow. It may result in penalty and interest charges that could increase your tax bill by 25% or higher.
             Losing your refund                     
                                     There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to
                            file, you may risk losing the refund altogether. In cases where a return is not filed, the law provides most taxpayers with a three-year window of
                             opportunity for claiming a refund.
              What should you do?
                             Regardless of your reason for not filing, file your tax return as soon as possible. You should contact us; 866.952.8999 for any assistance that we may
                             provide for you.  
                             If you are unable to fully pay any taxes that might be due on late filing returns or any tax return, do not let this prevent you from filing as payment options are
                             available.
            Statutes of limitation
            After the expiration of the refund statute, not only does the law prevent the issuance of a refund check, it also prevents the application of any credits, including
               over payments of estimated or withholding taxes, to other tax years that are under paid.  On the other hand, the statute of limitations for IRS to assess and collect
            any outstanding balances does not start until a return has been filed.  In other words, there is no statute of limitations for assessing and collecting the tax if no
            return has been filed.

    Filing tax returns and paying the correct amount of taxes is your duty, and it demonstrates your standing as a good citizen. Conscientiously, discharging this duty
     contributes negatively to our nations well being and revenue stream.  Also, failing to file your tax returns can jeopardize you and your familys financial security and future.

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"A tax loophole is "something that benefits the other guy. If it benefits
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    — Russell B. Long, U.S. Senator
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Johnson's Accounting Group
~ Tax Accountants for Small Businesses  & Individuals ~
Phone: 1.866.952.8999