Correcting Your Unfiled Tax Returns: What You Need to Know
If you constantly wake up at night worried about the day that your unfiled tax returns catch up with you, it’s time to relieve the stress and deal with them before the IRS comes asking. Your tax situation may not be as dire as you think and following these tips may help you finally get this monkey off of your back!
What Should You Do If You Have Unfiled Tax Returns
Figuring out where to start is sometimes the hardest part. But once you have an idea of how to move forward, working the process won’t be as bad as you fear.
1. Act Fast. If you have unfiled tax returns, the best possible thing that you can do is take action now and get your tax situation sorted out once and for all. The temptation is to wait, of course, hoping that it will just go away. You may worry that filing the first return may call unnecessary attention to yourself, but, the reality is, the faster you starting acting, the better off you will be.
2. Don’t Be Afraid of the IRS. The IRS has quite an intimidating reputation but, in most cases, if you are cooperative and professional in your communication, the IRS will not threaten you with jail or wage garnishment. They will recognize that your communication indicates that you are working toward a solution.
3. Assemble All Paperwork and Documentation. If you have not done so already, pull all of the tax documentation together that you can. If you do not have every single piece of paper you need, don’t worry too much. Many tax documents (W-2s and 1099s) can be tracked down even years after they were generated.
4. Get Support. Trying to file multiple returns can be stressful and overwhelming. To help with this process, you may want to consider teaming up with a tax firm that can pull all of your information together, get your returns ready to be filed and help you communicate with the IRS.
5. One Step at a Time. Once you are ready to file your returns from past years, you may realize that you owe some money to the IRS. Keep in mind that the IRS does offer payment options for those who need them. You can request an installment agreement, which will allow you to pay your debt over time instead of all at once. And, if you cannot afford to pay the amount due, you may be eligible for an offer in compromise, which reduces the total amount due.
Success Tax Relief Can Help With Unfiled Returns
Success Tax Relief has years of experience helping individuals just like you dig out of your tax problems and finally find a way to be free. We can review your documentation, consult current tax law and get your returns ready to file before the IRS sets their sights on you. Take the important first step today and give us a call at 1-877-958-6638.