For one reason or another, many taxpayers fail to file a required tax
return. Even if only a single year is missed, it’s important to note
that you’re still obligated to file your back taxes. Furthermore, in the
time that your taxes go unfiled, and unpaid, you are likely adding
interest and penalties to the amount you owe.
The professionals at Whyte & Associates in Rancho
Cucamonga, CA, can help you gather your information and submit your tax
information to the IRS. Here are the steps to get started:
- Collect income information –
Retrieve information about how much money you made during the years for
which you need to file. You’ll need your W-2 or 1099 statements. If you
are not able to find the forms that were given to you by an employer,
you can request a substitute from the IRS. Additionally, you must report
any capital assets that were sold, such as stock.
- Determine deductions and
exemptions – This step will help you reduce your payment to the IRS.
It’s good to know that filing late doesn’t mean you have to give up your
exemptions and deductions, just be sure that you have the appropriate
documentation to support each deduction.
- Obtain and complete the
correct forms – Ensure that your back taxes are filed on original tax
forms for that year. If you submit back taxes on a current year form,
you could end up going through the process again. It could also cause
you to over or underpay the amount you owe. These forms can be received
from the IRS.
- Mail the tax return –
Follow the instructions carefully. If you send it to the wrong address,
it could delay processing time. However, before you mail it, make a
copy to keep for your records or in the case that something is
misplaced.
For the best back tax experience, it’s wise to solicit
professional help. The tax planning experts at Whyte & Associates
have helped countless of clients manage their current and past tax
returns. They are professional and trustworthy, treating each client
with confidentiality and respect. Regardless of why you haven’t filed,
they can help you get back on track with the IRS. For more information,
call Whyte & Associates today.
