Millions of Americans fall behind in making their tax payments or filing their tax returns each year. While no one wants to fall behind on making payments, any unfiled returns you may have can be the more significant issue as it carries the potential for jail time.
Catching up on your past returns may seem like an overwhelming task, but if you don’t file, you also miss out on any tax refunds owed to you, you won’t be eligible for tax credits, and you may end up having to pay multiple fines and fees.
If you’re currently sitting on any unfiled returns, take the time to address the problem now rather than sitting around and waiting for the IRS to come knocking on your door looking for their money. And trust us, they will.
If you’re behind on filing taxes, Tax Law Advocates can help you catch up on those unfiled returns without going broke in the process. We have a dedicated team of tax experts and attorneys who have helped thousands of people save millions in tax debt. We specialize in helping you catch up on unfiled tax returns while minimizing out-of-pocket expenses.
Here are 3 easy steps to catch up on any unfiled returns and get your taxes back on track.
Locate your documents
The first step in this daunting process is gathering all of your tax documentation for the missing years. This includes all records for income or wages earned, charity donations, business expenses, write-offs, and IRA contributions. And remember to pull records related to major purchases, such as homes, cars, or investments. It’s recommended that you keep this information for a minimum of six years, as you need it for each year being filed.
Can’t find your documentation? There’s no need to worry or stress! Whether your W-2 was lost in the mail, your dog shredded your tax folder, or all of your paperwork was ruined in a flood, the good news is that it doesn’t matter. You can still file your taxes using a wage and income transcript we can obtain for you. This transcript includes all the necessary data from information returns the IRS has received, which includes the following: W-2 (wage and tax statement), 1098 (mortgage interest paid), 1099 (miscellaneous income), and 5498 (IRA contribution information).
Contact a tax professional
Once you have all your documentation in order or conclude that you’ll need to file for a wage and income transcript, you’re ready to reach out to a professional familiar with federal and state tax laws. You don’t want to try and do this alone; the good news is that you don’t have to.
A good tax professional, like our team at Tax Law Advocates, will help you navigate through the IRS collection process’s labyrinth. This support can help if you need to set up a payment plan with the IRS and potentially help you request the abatement of some IRS penalties.
Submit your tax returns
Working with your chosen professional, after you’ve filled out all of the back tax forms, you can either mail them to the IRS or deliver them in person to your location IRS office for peace of mind. No matter the route you take, make sure to request a confirmation of your filing receipt. You’ll want to keep this confirmation safe, as it may be necessary proof if you are faced with any legal action before your file is reviewed and completed.
Get tax help now
There are a few different options available if you need to catch up on your unfiled tax returns and the best course of action depends on your individual circumstances. If you have any questions about your specific situation, we’d be happy to work with you to determine the best steps. No one enjoys owing the IRS, but sometimes it’s unavoidable.
If you find yourself in this situation, you don’t have to do it alone! Learn how we can improve your financial situation and help you be free of tax debt. Contact us today.
