Dealing With Unfiled Tax Returns By Filing It Soon
Most people are behind on their tax return filings. Sometimes it is just a mistake while other times you might not even know that you need to submit your taxes. Any unfiled tax returns must be filed as soon as possible. Perhaps you are hesitant to file because you worry about your upcoming tax burden. However, if the IRS prepares your taxes for you, it might claim and seize property from you.
Dealing with unfiled tax returns
For handling unfiled tax returns, you simply need to file your returns. The IRS expects you to file taxes for the last six years if you have multiple years’ worth of unfiled forms, however, the exact number can change based on your circumstances. Here is how to handle unfiled tax returns.
Gathering the tax forms
Gather the tax forms from the years you have not filed because the IRS updates the tax forms frequently hence, you can’t file your past returns using the current year’s forms.
Collect your income data
Gather information about your income. Ask your employer for the necessary forms if you don’t have them from the years you didn’t file.
Check your business records
If you are self-employed or the owner of a small business, you must check your business records to determine your income, expenses, and profit for the years you haven’t filed.
Gather information about credits and deductions
You will need their details if you are claiming children or other dependents on your return. You may also require information on childcare costs, state and local taxes, medical costs, student loan payments, educational costs, charitable contributions, and retirement account contributions, depending on the credits you intend to claim.
Handling unfiled tax returns can be complicated. Working with a professional will make the process easier and ensure that you get the best possible resolution.