Have you not been filing taxes in previous years? How about this year? Falling behind on your taxes can be scary. Maybe you thought you weren’t required to file or you were unable to pay the taxes owed at the time and decided not to file. Or maybe you just didn’t bother to take the time because you were expecting a refund.
Complete Your Unfiled Tax Returns!
It is very important to complete these unfiled tax returns as soon as possible so you do not continue to accumulate a penalty of any taxes you owed. Failing to file your taxes will result in a failure-to-file penalty which can be as large as 25% of your taxes owed. Filing your taxes and not paying will result in a failure-to-pay penalty, ½ of 1% of your unpaid taxes each month. The failure-to-pay penalty is generally much smaller than the failure-to-file which is why you should file as soon as possible.
What if you don’t have the documents to complete the returns from previous years or need to find out which years you did not file? The IRS can help with unfiled tax returns by providing you with a tax transcript and letting you know which years you have not filed but were required to.
Different Year, Different Form.
After you have all the required information to complete your returns, it is very important that you use the correct forms for the year you are filing. For example, if you did not file taxes in 2014, do not use the 2016 tax forms and instructions. Previous year tax forms and instructions are available on the IRS website.
Seek The Professionals:
While unfiled tax returns can be completed yourself, it may be beneficial to seek out help to ensure previous tax year instructions are followed and all required documentation is filed. To ease your burden and relieve some stress, consider a free tax consultation with Nationwide Tax Consulting. We’ll help to make paying your unfiled tax returns as headache-free as possible utilizing over 24 years of experience.