In order to address back taxes, there are several key issues to consider. First you should determine when you last filed. Once you determine the year you last filed, you should get a copy of that year’s tax return. Next you should gather all of your W-2 forms and other relevant tax documents for the years you did not file. If you are unable to locate your W-2 forms or other documents, you can contact the Internal Revenue Service and request copies of these documents for free. You can also contact the institution or employer that filed the W-2 forms.
If you are choosing to prepare your own tax returns, choose a reliable software service to do so. You should set aside at least two to three hours to complete each tax return that you are filing. There are a plethora of free programs and software that are available to assist you in filing tax returns on your own. Be aware that regulations change each tax year.
In certain cases, hiring an experienced tax professional may be the best route. Experienced tax professionals aid in the compliance of tax regulations and requirements. They also aid individuals in dealing with the Internal Revenue Service. You should make sure that you hire an experienced tax professional that has a history of dealing with back tax filings. A tax professional will also help you with incomplete tax documentation and advocacy for negotiation on your behalf with the Internal Revenue Service.
Keep in mind that often individuals who file their taxes late are entitled to refunds. You should also be aware that there are time limits for debt collection, audits, and refunds. Typically, the deadline for filing tax returns to receive a refund is three years. If you have a debt, the refunds received will go towards covering your debt. If you do have tax debts, you should develop a plan to pay all of your tax debts. You should also have a plan regarding protection toward an Internal Revenue Service investigation, levy, lien, or assessment. Tax professionals can aid you in developing this protection plan.
If you would like more information regarding filing your back taxes contact us at IE Tax Relief (www.ietaxrelief.com). IE Tax Relief will help guide you through the process of filing back taxes and deal with the Internal Revenue Service.