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File Back Taxes
The IRS has become increasingly aggressive on tracking down taxpayers who did not file their taxes. It is against the law not to file, and can also leave you vulnerable to liens, levies, wage garnishments, and even property seizure. The IRS has the legal right to place you in prison for one year, and assess up to $10,000 in fines for every year that is unfiled. While it is unlikely that you will go to prison, the IRS will eventually catch up to you and impose other stiff penalties. Filing your taxes is the best way to protect yourself.
Tax Filing Facts
  1. Every year that you do not file, the IRS will continue to add penalties and interest to your liability.
  2. The IRS can file a substitute for return, which is essentially a tax return without any deductions or expenses. After filing one, they can then collect from you everything that is stated.
  3. The IRS can levy your personal and business bank accounts, receivables, income, property and even place you in custody.
  4. Not filing your taxes can prevent you from settling your taxes, and can cause you to owe more than you really owe.
How to File Back Taxes
Step One
Gather all of your tax paperwork, including w-2s, 1099’s and other tax documents. You most often can request these from your employer. The IRS will also provide them to you if you call them, or a tax professional can request them for you. You also must gather all expense receipts that you wish to deduct.
Step Two
Prepare your tax returns, or hire a professional to. If you are self employed, or your taxes and deductions are complex, it is advisable to hire a professional who can save you time, money, and lower your chances of being audited.
Step Three
Send in your taxes to the IRS or state. If you owe back taxes then you have to pay them, or set up a payment arrangement. If you are still eligible to receive a refund then the IRS will issue one to you.
Tax Attorney.com works with tax attorneys, CPA’s, Enrolled Agents, former IRS agents, and tax relief specialists who can assist you preparing and filing your taxes. Having a professional who is experienced with filing taxes can save you time, money, and lower your chances of an audit. A tax professional can also assist in resolving any liabilities you may end up owing. To discuss filing your tax returns, and what you may qualify to save with a tax specialist contact us online, or call us at 888-241-0002.
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