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Help with Filing Back Taxes

Keeping up on your taxes is something many expect to do every year.  While some may look forward to filing their taxes, there are many who dread the annual tax season.  Most of those hoping tax season will pass them by are those who know they will owe money or feel filing their taxes is going to be too much work.  If you find yourself left with unpaid and back taxes, do not fear.  There is still hope for getting those taxes filed and paid for.

Not filing your taxes means you may be missing out on a refund and/or be subject to paying back taxes that are inflated with penalties and fees.  If you have any missing federal tax returns from previous years, to avoid liabilities, get them filed now.  There is help available for those who owe more than they can afford to pay in one lump sum.  There is even the possibility of getting approved for filing extensions for those who need just a little bit more time getting their taxes filed.

When filing back taxes, you can either do it by yourself or seek out the assistance of tax professionals to help you through the process.  Before filing back taxes, gather up all documents, such as receipts, W-2, Form 1099 and any other documentation needed for proof of deductions.  If you need help locating any missing paperwork, such as W-2s and Forms 1098 and 1099, file Form 4506-T for a transcript of these items.  Once you have all the necessary paperwork gathered, you are ready to file your back taxes.

When needing help paying your tax bill, you can request a 60 to 120 day extension to get the full payment in.  This is available at no additional charge and can be granted by calling the IRS and requesting the extension.  If your tax liability is substantial and paying it within 120 days will create a burden on paying your day-to-day bills, the IRS does have alternate programs to help you pay your tax bill.  The IRS also has other programs that may help reduce the amount you owe, help paying late fees and penalties, as well as helping you completely eliminate your tax bill.

Payment extensions and plans are designed to help you get your tax bill paid without having to face any additional penalties.  If your tax return is not filed, the IRS has the authority to file and a substitute return for you.  This is when they take the available information provided to them, such as W-2s and Form 1099s, and complete your tax return.  If this happens, you run the risk of missing out on a full refund, as they IRS does not have any documentation of your deductions and itemized expenses.  Should this happen to you, it is still possible to file your tax return.  Seek the guidance of a tax professional to help you file an amended return, where all of the information is submitted to the IRS for a full refund (minus penalties for filing late).

The IRS does have ways to help those with back taxes get them filed.  If you have back taxes, look into payment options and if necessary, hire a tax professional to help you through the process.  Refer to our tax problems page for more information on this and other subjects.