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Delinquent Tax Return Preparation

If you haven’t filed your taxes in a while, you may owe back taxes. Or, in rare circumstances, you may even be missing out on a refund.

File your federal tax returns for missing years as soon as possible to avoid possible tax liabilities, claim a refund for the previous 3 tax years, protect your Social Security and disability benefits, and avoid delayed loan approvals from lenders. If you have received a notice in the mail, promptly send your past due tax return to the appropriate IRS address. Or, if it is too intimidating, contact us to help you file your back taxes.

How to File Back Taxes

1. Gather important documents.

For each year that you failed to file a federal tax return, make sure you have your W-2 or Form 1099 on hand. Remember that well-kept receipts are needed to claim certain deductions and credits.

2. Locate missing paperwork.

A copy of your income information can be requested from your employer. Tax documents can also be requested from the IRS by filing Form 4506-T, Request for Transcript of Tax Return. The IRS will send transcripts that contain the most important information, not duplicate copies, from your previous W-2s and Forms 1098 and 1099.

3. File your back taxes using the necessary forms.

Taxes for previous years will need to be filed by hand using instructions from that tax year. Download the most popular tax forms for previous tax years here.

Submit your forms to the IRS.

Once the necessary forms are received by the IRS, you are fully responsible for paying what is owed. You should receive a bill with the exact amount due, including any interest charges that have accrued. It takes the IRS approximately 6 weeks to process past due tax returns.

Current Year Tax Return Preparation

Here is what the IRS says about filing the ‘Current Year Tax Return’. The taxes you owe to the government are generally paid through withholding (money taken out of your paycheck), estimated tax payments, and payments made when you file your taxes each year.

You may not have to file a federal income tax return if your income is below a certain amount. However, you must file a tax return to claim a refundable tax credit or a refund on income tax withheld.

If you have to file a tax return:

Ongoing Tax Return Preparation

Assuming you have eliminated (or successfully avoided) any delinquent back taxes and have filed your current year tax returns, you should consider working with a reputable company to help with ongoing tax return submission.

Here are the top tips for you to have a stress free year-end tax season, or what you should expect of a reliable tax return preparation firm:

  • Collect W-9’s throughout the year from vendors whom you pay more than $600 a year.
  • Collect your 1099-INT forms as they become available.
  • Be careful of computer programs for do-it-yourself returns, especially if you have a complicated tax situation.
  • Don’t understate your income or overstate your expenses.

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