With hectic lifestyles, we often forget or make mistakes, and this can result in back taxes filing. Surprisingly, a lot of people file taxes late, forget about taxes or just do not want to pay their taxes. If a person makes enough income based on gross annual earnings and IRS rules, than they have to file tax returns. Learn how to file late returns, where to file and considerations for filing late.
Gather up all the appropriate receipts, tax forms, tax software, 1099s and W-2s for the back taxes filing year. While the forms for back taxes filings may be similar to those for the current year, it is important to use the forms for the right tax year.
Fill in the required paper work and check for deductions as normal. Use the instructions to calculate the taxes and double-check your figures. Even if your taxes are late, you may still qualify for a refund, but only if you complete the paperwork within three years of the original due date.
If there is additional tax due with the back taxes filing, the filer must pay in full or make a payment arrangement. Write a check for the payment and include it with the return. Use the instructions on the form to ensure the form and check go to the right address.
While it is possible to complete back taxes filing by completing the paperwork and sending the form through the Postal Service, the delay in filing causes many people to be anxious that the return is sent to the IRS as quickly as possible. However, after delaying the filing, many people are often anxious to get the return to the IRS as quickly as possible and prefer to file online. There are options for those that prefer to file late returns on the internet.
Visit the IRS website and locate the link for Free File if taxes are six months late. This gives you until October 15 of the year the taxes are due. Contact your state and follow instructions for filing back taxes.
Another site, Prior Tax offers an online site that makes back taxes filing easy. People can find old IRS forms from previous years and locate old returns that may be needed for filing. However, there is a minimum $50 fee to file state and federal taxes.
Contact an accountant or legal counsel for guidance, form help or recommendations. The federal laws enforce the statute of limitations on taxes that are not paid. The IRS may take as long as 10 years after the filing of a return to collect taxes and there can be penalties and jail time.
If a person owes taxes and fails to file, the IRS can file a return using an estimation of income. This substitute form will not account for all deductions to which you might be entitled. It may be cheaper to file a late return rather than none.
The IRS deals with situations where taxes are not filed on time frequently. The IRS deals with these situations frequently and does not want to have to prosecute people over simple mistakes. It is better to fix a tax problem with Back Taxes Filing than face the consequences.
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Source: http://www.themoneyfinances.com/2012/02/04/back-taxes-filing-late-better-than-never/
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