Each year Americans collect the necessary forms for filing yearly tax returns. However, some skip filing their returns on time and then have a terrifying time with disastrous financial results and the government agency, IRS putting charges and penalties for this error. Unfiled tax issues can be quite distressing and send many people into a complete panic. Unpaid taxes can accumulate quickly, and penalties can increase very soon.
Getting help with unfiled tax returns
Looking for help on how to file unfiled tax returns through a tax consultant or doing some research can help you take the right direction and take care of your unfiled outstanding.
How many years the IRS can go back?
The IRIS usually looks back for six years for late filing and if there is any lag within this period then it might lead to paying penalties and late fees. Therefore, failing to file your returns could leave you deeply in debt. You might be eligible for a refund if your taxes are automatically deducted from your paycheck. If you don’t file your taxes as soon as you notice that they are not filed, the IRS may impose fines that might reduce any possible refund.
How to get started?
The first thing you can do is collect as much information as you can. If you owe the IRS money or they find that you intentionally failed to file your taxes, they may look further back than the six years. You can also have the IRS file the return for you, but that will not be a good idea. It is best to consult a local tax consultant and look for ways to file your returns at the earliest.
Gather all the relevant paperwork from W-2s, receipts, 1099 forms, bank statements, and any kind of bills that could be used as deductions.
Be vigilant in filing your taxes and keep checking the status of every past year to prevent any future IRS problems with unfiled tax returns