There are a thousand excuses for not filing taxes: trying to avoid payment, financial hardship, lack of time, laziness or even forgetfulness. No matter how innocent your reason is, not filing your taxes is a serious offense to the IRS. In many cases, it results in important negative consequences. So, if you’re already late on your tax filing, is there something you can do? Taking the right actions in a timely fashion can help you rebuild your good reputation with the IRS! Here are the 4 Tips You Should Follow To File Your Unfiled Taxes:
Gather all your information and file your tax returns ASAP
First of all, you’ll want to request your wage and income transcripts from the IRS and complete the necessary forms to file unfiled tax returns. Don’t forget to gather information on any investments or income that’s not on record with the IRS. Make sure you keep in mind that if your several years behind you’ll have to file returns for the last 6 years, in most cases.
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Before you submit your tax returns to the appropriate IRS unit, it’s advisable to get a tax expert to review everything and make sure it’s ready to go. Don’t forget to keep close tabs on the processing of your late tax returns.
Consider requesting a penalty abatement when possible
When it comes to filing unfiled tax returns, you might have to deal with some penalties that result from failure to file or failure to pay. However, in most cases, you can apply for a penalty abatement, and avoid paying considerable fines on your tax bill. This is a great way to make tax payments less stressful.
If Payment Is An Issue, Consider Applying For A Payment Agreement
For many, the reason for not filing a tax return on time is the fact that they wouldn’t be able to pay their tax debt afterward. However, this tends to work out for the worst as it exposes taxpayers to both failure to file and failure to pay penalties.
In reality, the best thing to do is just file, as quickly as possible. Once you’re done filing your unfiled tax returns, you can apply for a payment agreement. If granted, you can finally get rid of the anxiety of failing to pay off your tax debt. Instead, you’ll focus on making more manageable payments towards the total of your tax debt.
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A tax attorney can best advise you as to how to proceed in this case.
Get A Tax Law Professional To Do The Heavy Lifting
Overall, the one thing you can do to make filing your unfiled tax returns easier and issue-free is getting the assistance of an IRS tax law expert. Nick Nemeth’s tax attorneys can help you best gather your information, prepare your forms and resolve any additional issues with the IRS. This will ensure that filing your unfiled tax returns is done correctly and without trouble.
Hire A Tax Law Professional
At the Law Offices of Nick Nemeth we help hundreds of clients resolve their IRS tax problems and advise on unfiled faxed tax returns. Contact us at (972) 426-2553 for more information and schedule your free, no obligation, consultation.