Do you think you are saving money by not filing your tax return on time? This is something that many people believe. If you have not filed your state or IRS tax return this year and you are coming off an extension you have until October 15th to file otherwise you fill face penalties and interest. If you simply have not filed for previous years, then it is in your best interests to do so as quickly as possible. Even if you cannot pay the total amount, you should still file and send in a small payment (what you can afford).
How To File Unfiled Taxes
When dealing with previous years it is in your best interests to work with tax resolution firm but this does not mean you cannot file the taxes yourself. Here’s what to do:
1) Collect All Necessary Documents – these documents include W-2, 1099, and so on. If you cannot find them, contact your former employer or the IRS.
2) Gather The Years Tax Returns You Need – If you are filing for 2007 or 2008, make sure to get the correct 1040 form if filing income taxes for the year you are filing for. You can find the correct form by searching at irs.gov.
3) Complete the Forms – In many cases tax software can help you or you can work with tax resolution firm just to review how you completed the forms to make sure there are no errors.
4) Determine if you owe taxes or if you were due a refund. Pay what you can if you owe. Most individuals, owe, and they can always work with their tax resolution firm to resolve or possibly settle their tax debt if they are faced with a significant amount. Continue reading ‘Unfiled Taxes – How to File, and Consequences If You Do Not’ »