No one likes filing their taxes, but neglecting to file them at all is never a good idea. The IRS is a powerful collection agency, and an unforgiving one at that. Getting on their bad side or having years of unfiled returns is one of the worst moves you can make.
Regardless of the reason, if you have unfiled tax returns, it is time to rectify the situation. It is only a matter of time before the IRS catches up with you and demands the back taxes be paid. Often times, the amount they claim you owe will be far greater than the amount you actually owe, and it’s up to you to prove otherwise.
Before we jump into it, if you have a tax problem or years of unfiled tax returns, contact our firm for a consultation with our Utah Tax Attorneys. You won’t have to talk to the IRS and our firm can provide the peace of mind you need to resolve your tax issue. The faster you act, the better off you will be.
If you’re unsure of your next steps or want to make sure you’re prepared to the best of your ability, we’ve provided some key steps to take when handling unfiled returns with the IRS:
Preparing the Proper Documentation
If you have unfiled tax returns and are ready to make things right, gather what information and resources you can; an experienced tax resolution specialist can handle the rest. Often times, even if you don’t have much in the way of old documentation, there are ways to construct your income and expenses even when you’re unable to track down documents, or if they’ve been lost or destroyed due to natural disasters.
If you are missing W2 and 1099 forms from past years, an experienced tax resolution pro has the ability to retrieve these.
Run the Numbers for Accuracy
The fear of high taxes has caused many taxpayers to forgo filing their returns, but those worries are often unfounded. According to IRS statistics, a surprising number of unfiled returns may actually be due a refund. Even if you don’t get a refund because you didn’t withhold any taxes, you will likely have better payment options for your back taxes by working with a tax resolution firm like ours as opposed to doing it on your own.
Once all of the documentation is prepared, it is time to run the numbers to check for accuracy and resolve any errors. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe. This will help you assess your current standings and budget accordingly.
Work with a Legal Professional
Having unfiled tax returns can put your financial life, and possibly your freedom, at risk. And while the desire to file those old tax returns and pay what you owe is commendable, now is not the time to try it alone.
When it comes time to file those unfiled tax returns and get right with the IRS, you need a qualified professional in your corner. A tax resolution professional can give you the advice and guidance you need, from gathering the proper documents to filling out the necessary paperwork.
Trust McClure & Stewart for Your Tax Filing Needs
Chances are you will need expert help and guidance to file back taxes, and finding the right Utah Tax Attorney can be a challenge. The right tax resolution expert can help you make things right with the IRS, so you can file your back taxes and get on with the rest of your life. That’s where McClure & Stewart comes in.
If you are in tax trouble, reach out to our Utah Tax Attorneys and we’ll schedule a free, no-obligation consultation to explain your options in full to permanently resolve your tax problem. Contact Us today to get things started.
For additional general tax information, visit the IRS webpage.