Filing a Late Tax Return – Five Easy Steps
Written by admin on October 3rd, 2011Taxes are complicated enough as it is, but filing a late tax return makes them seem even more difficult. If you file late, you’ll want to make sure you get everything right, but you won’t want to waste too much time gathering information. If you owe taxes, you don’t want to spend a single day paying extra interest. And if the IRS owes you, why let them sit on money that’s yours? Here’s how to get it settled – fast.
Scope out the situation. Are you filing a late tax return for taxes from last year, or from decades ago? This will affect how likely it is that the IRS will hit you with fines, or allow you to settle for even less than you originally owed!
Get the information you need: you’ll want your tax returns from the year before. If you’re filing late tax returns after you filed normally, get the tax returns from the normally-filed year, too.
Figure out how much you can afford to pay, if you’re going to owe. There’s nothing worse than filing a late tax return, only to have the IRS actively go after a debt they were passively ignoring before.
Find a good tax advisor, and file away! Filing a late tax return is not something you’ll want to do on your own. Instead, it’s good to have tax professionals who can help you out. Pickign the right one can be difficult, but it’s hard to go wrong if you work with a company that specializes in filing late tax return information.
Follow up and make sure it went through. With any luck, this won’t matter – you’ll get a nice check, and that will be the end of it, or you’ll pay your fine and make sure you don’t owe the IRS in the future. But it’s always good to keep track and ensure that you didn’t accidentally leave one last dollar owed that will keep you from fully settling.
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