Taxpayers are required to file their tax returns once every year to document their finances and the taxes paid during the year. Some taxpayers, however, go past the due date of filing tax returns and end up facing various penalties, interests, and even have to face legal consequences. If you too have non-filed tax returns and need guidance, this blog is for you. Read on to find out all you need to know about filing unfiled tax returns.
Why You Must File Unfiled Tax Returns Immediately
In case of non-compliance, the IRS has the authority to hold refunds or file a tax return on your behalf, wherein they add additional taxes, penalties, and interests. Filing unfiled taxes, therefore, is essential to avoid high penalties and interests on your tax return. Unfiled tax returns can also lead to legal consequences.
Filing Unfiled Tax Returns
Step 1: Collate all Documents and Information
Collate all the necessary information and documents you would need to file unfiled tax returns. If needed, you can request your income, account, and wage transcripts from the IRS. You must also collect information related to investments, self-employment, and other income that were not documented in the IRS file.
Step 2: Complete Filing the Return
Complete filing your tax return accurately. Review and double check your return against the transcripts you received from the IRS. Make sure you do not miss even the smallest detail of your finances when filing unfiled tax returns.
Step 3: Hire a Professional
Hiring a professional to deal with different tax issues is the ideal way to avoid potential tax-related issues. Tax professionals keep tabs on important dates and maintain an updated record of your financial documents. Moreover, they can also guide you on how to tackle other IRS tax-related issues, including tax liens, levies, or other similar problems.
Need Help with Unfiled Tax Returns? Contact Us!
Filing unfiled returns correctly is essential to avoid penalties, interests, and legal consequences. The ideal way to deal with any small or big tax-related issue is seeking professional help. Speak with one of the IRS tax lawyers at The Law office of Nick Nemeth to get professional help with all kinds of IRS tax problems, including helping you out in filing unfiled tax returns. To discuss your tax problems, simply call (972) 627-4580 or fill out our form fill and we will contact you shortly.