Looking back at the stats for the 2022 IRS filing season reveals alot... there were 11 million individual "non filers" out of 163 million potential filers. This is an increase in non-filers from 2021 which currently stands at 8 million. (2021, was a more compelling 1040 to file as pandemic stimulus relief was available.) While 11 million seems like a lot, it represents less than 7% of required filers in the US!
If you are one of the multiple non-filers that WATAX specializes to serve, here's a review of the potential triggers which might bring you to us?!
- Substitute for Returns - The IRS might file returns for you without deductions creating unnecessary tax liability.
- Passport Revoked - If you have US tax liability over $50,000 and unfiled returns, you might lose passport privileges or the ability to renew.
- Dept of Justice Criminal Agents - Hey this is a long shot. But it happens as not filing could be considered potentially criminal.
- FAFSA applications - Kid's need student loans. A tax return or tax returns will be required.
- Buying a home - Last two to six years of 1040s will be need to be filed for your lender to consider you a candidate.
- Guilt - fear - worry - worries about being out of tax compliance and all of the concerns of the above.
