Falling behind on your tax returns can happen easier than you may believe. After you miss one year of filing, it may be tempting to continue with this delinquency in order to avoid being caught.
However, when you put off filing taxes year after year you could risk your peace of mind, as well as your finances. When you have not filed returns for 10 years or more, you should follow these important steps to bringing your tax default current and avoiding serious penalties that stem from this offense.
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This step seems quite obvious. However, just as you avoided filing for 10 years straight, you may be tempted to skip over a year or two to avoid paying more penalties than what you may really owe.
Rather than miss a single year, you should hire a tax professional who can review your records and file the missing returns for you. When you rely on a professional tax adviser, you can be assured that your returns will be filed correctly and that you will receive deductions to which you are rightfully entitled. These deductions could greatly minimize your tax penalties.
DETERMINE IF AN SFR HAS BEEN FILED
Sometimes the IRS will file a Substitute for Return, or SFR, for people who do fail to file their own taxes. When the IRS files an SFR for you, however, it will put your status down as single or married filing separately.
These statuses can exempt you from deductions that rightfully belong to you. If an SFR has been filed for any of the years that you are delinquent, you should review the statuses and make sure you get the exemptions to which you are entitled.
DETERMINE IF TAX PENALTIES CAN BE FORGIVEN
Even if you owe significant penalties, you may be able to avoid this serious financial punishment if you currently meet or satisfied in the past certain criteria. The penalties may be voided if you have now or in the past experienced:
The death of a family member
Extended service in the military
Bad advice from a CPA or other tax preparer
If you can prove any of these experiences, you may be given a reprieve from any fines. The IRS may want this proof to be well documented, which is why you should work with a tax professional before trying to claim any of these exemptions.
WORK OUT A PAYMENT ARRANGEMENT
Once your returns have been filed and the IRS has assessed what you owe to the government, you should then work out a tax payment arrangement if you cannot pay the obligation in one lump sum. The IRS is willing to work out such arrangements with people rather than risk taxpayers defaulting on their back taxes.
The arrangement may be set up so that you can easily afford to make payments each month. If your income is reduced or you experience a financial circumstance that prohibits you from making payments on time, you should contact the IRS and request that your arrangement be reset or reconfigured.
KEEP IN CONTACT WITH THE IRS
Silence really is not golden when it comes to bringing your tax debts current. Rather than shirk away from the IRS, it is vital that you keep the lines of communication open.
The IRS is more hospitable to people who come clean and file their back tax returns on their own without having to be hunted down and forced to comply. As long as you are open and honest about trying to do the right thing with your unfiled returns, the IRS should return the favor and work with you. However, you must continue to communicate with this office until you have filed all of your missing returns.
When you need to file 10 years or more of tax returns, you may fear what lies in store for you. You can take care of this serious default and avoid the worst punishments by taking these important steps today.
So, if you have IRS Problems, Owe Taxes, have Past Due UnFiled Tax Returns and need IRS HELP – Take action today! You should work with a nationwide tax relief firm. Call Advance Tax Relief (800) 790-8574
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If you think that you may need help filing your 2017 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
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