Unfiled Tax Returns
Find out the last time you filed your tax returns- This will help you determine what documents to accumulate. Ensure you find everything from your W-2 to other tax documents. In case, you are unable to find your past W-2, you need to go to the Social Security Administration.
Find out the last time you filed your tax returns- This will help you determine what documents to accumulate. Ensure you find everything from your W-2 to other tax documents. In case, you are unable to find your past W-2, you need to go to the Social Security Administration.
Prepare for the future- Ask your tax consultant to help you with reviewing your tax position and plan strategies to reduce your taxes, so that you are able to meet other financial goals effectively. It is always advisable to act quickly in case of an unfiled tax, as there are fines and other legal hassles attached to it. The quicker you pay them off the better are your chances of avoiding the penalty associated.
Prepare for the future- Ask your tax consultant to help you with reviewing your tax position and plan strategies to reduce your taxes, so that you are able to meet other financial goals effectively.
In addition to prison time, the IRS has the right to fine you up to $10k for every year that you did not file a return. Do you have this kind of money? Remember, these fines are on top of what you already owe. As you can see, your liability is growing and growing the longer you wait to file back taxes.
Determine when the last time was that you filed a return. This will give you an idea of what documents to collect. Make sure you find everything from your W-2 to other tax documents. Don’t have your W-2 from the past? In this case you need to head for the Social Security Administration. They have copies over all your W-2′s regardless of the year.
Remember, when filing back taxes you need to use the paper form. You may find it advantageous to use software to prepare your return, but in the end you need to mail your final copy as opposed to submitting it electronically.