If you have not filed a tax return in several years, you may wonder if it is too late to file. We have good news; it is never too late to file your taxes. In fact, not filing your taxes can get you into a lot of trouble with the IRS, so it is best to file previous years’ tax returns as soon as possible.
While old tax debts, penalties and interest can add up quickly; studies have shown that non-filers are more likely to have a tax return then the general population. However, there are time limitations on tax refunds; by waiting to file, you could be throwing money away. Start gathering your tax information and contact one of our tax specialists to help file your old taxes immediately.
First, determine how many years it has been since you last filed taxes. It is important to gather as much income and deduction information as possible, tax documents, such as W2’s can be requested from the IRS for free.
Once you have gathered all of the important documentation, start preparing the tax documents with the help of one of our professionals. Not only will they know the applicable tax laws for each year, but they can advocate to the IRS on your behalf if late tax payments and penalties are due. Tax professionals will also understand the time limits on tax refunds and be able to help you if an audit is performed.
Late tax returns must be completed on paper; they cannot be submitted electronically. Each tax year should be filed and submitted in separate envelopes and mailed or hand delivered to your local IRS office. Be sure to make copies of each return before you submit them. Keeping your returns in separate envelopes helps expedite the approval process and reduces the likelihood of your returns being mixed up.
If you find that taxes are owed upon filing your prior year tax returns, it is imperative that you pay your taxes as soon as possible. Penalties and interest have been compounding since the taxes were due and will continue to do so until your balance is paid. Subsequent tax refunds will be used to pay off old tax debt until your balance is eradicated.
Our tax specialists are experts in negotiating with the IRS. We can help you work out installment payments, reduce the total amount owed or help you qualify for other tax relief programs. Do not delay any longer, gather your tax information and contact us today.