Are you struggling with back taxes? While it may seem easiest to ignore them and hope that the IRS doesn’t take action, it is actually better to sit down and deal with your back taxes now. The IRS will eventually take action, and the consequences will be much worse than if you deal with the problem on your own.
Our guide to filing back taxes can show you where to start when you’re ready to start settling your back taxes.
The first step you need to take is gathering all your tax documents. By filling out Form 4506-T, you can request any of your missing federal tax documents from the IRS. You may also need to request additional documentation from your employers or banks.
The second step to settling your back taxes is preparing your return. Since refunds expire within three years, it is important to file any returns nearing that three-year limit. Once you finish your return, you may be surprised to find that you are actually going to receive money instead of owing anything.
Once you finish preparing your late return, you must file it. Remember that you may use old tax return software to prepare your return, but you may not file it electronically. It is a good idea to mail your late tax return through certified mail so you have proof of filing.
Omni Financial has a long track record of helping individuals settle their back taxes through filing late tax returns. Contact us today to learn how we can help you file your late tax return.