In the aviation industry, pilots are taught that if they experience problems during their flight, they need to minimize the damage by controlling as much of the situation as possible. In the worst possible scenarios, pilots look to make a controlled flight into terrain (CFIT) instead of an uncontrolled crash. Less concerned about the integrity of the airplane, a CFIT instead places an emphasis on survival.
If you’ve not filed your taxes, you’ve placed yourself in a similar scenario. Whatever the reasons, you didn’t file your taxes last year, possibly the year before, or even for the last several years. Why you didn’t get around to filing doesn’t matter anymore. Right now, you need to take control of your financial flight.
To avoid an uncontrolled crash of your own: you’re going to need to file your taxes, no matter how old, and minimize the damage before the Internal Revenue Service makes this discovery on their own. Waiting to see ‘if’ they find you is never a good decision. I can tell you without question: eventually the IRS will catch up with you.
The now famous Captain Sully, made an emergency landing in the middle of the Hudson River in 2009. Instead of an uncontrolled crash, he avoided fatalities. Make no mistake: Flight 1549 was unsalvageable, but all 155 souls aboard were saved.
The same goes for your finances. You’re in a pretty bad scenario of your own right now, but by coming clean with the IRS, you can minimize your damage. Make no mistake: failing to file your taxes will not come without consequences, but by taking control of your future by coming clean now, you are helping your case. You will avoid an uncontrolled financial crash.
You need an experienced tax expert guiding your landing. We can help! With more than three decades of experience helping others in your situation, we can help you come up with your financial CFIT.