Filing
late tax returns can be a daunting task but usually benefits the tax payer
in the long run. As it is inevitable, it is also important that you face the
IRS as soon as possible and file late tax returns. In fact, this may turn out
to be the best way to bring your taxes up to date and may even earn a refund
which you can pat your tax lawyer on the back for.
Failure to do so can result in several
penalties, late fees, fines, and criminal prosecution in some cases. However,
the IRS always strives to work with individuals who voluntarily file back taxes
and you can even end up with some bonus points rather than end up paying the
price for tax fraud. They key in filing late tax
returns is to accomplish it as quickly as possible with the help of various
resources, suggest tax lawyers.
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| Life is complicated. The tax code is complicated. This website is not: http://tax-lawyers.usattorneys.com/. If you need a tax lawyer that is the site you need to use. You do not have to use it but you want your life to be easier right and you need legal help. This site was designed for someone exactly in your situation. The IRS does not know about this site but some of their employees due since they may have had tax problems in the past and they may have needed a lawyer for another reason too. This site covers a lot of ground. |
Essentials
for Preparing and Filing Late Tax Returns
- The
procedure will depend on your filing status. If you own a business, you
will need to complete Form 7004. Gather copies of your last tax return
including W-2s and 1099 forms. If you cannot find the documents, you can
contact the IRS. The IRS retains federal information on your documents
that are usually in their database for four years, following which they
are archived. But you need to save your own information. You will most
likely have information about your business and for tax purposes that the
IRS does not have and should not even have perhaps. You can complete Form
4056-T in order to request documents from the IRS.
- Once you
obtain a copy, follow the instructions carefully, and fill in the relevant
details. Preparing your return is an important step. Contact the IRS if
you need any assistance, as an incorrect entry can lead to penalties.
Refunds expire in three years; therefore, it is important to file late tax
returns within the limit and tax attorney can help you with this.
- You can use
tax preparation software to prepare your returns. They are easy to follow
and will help prepare federal and state returns. Tax returns more than six
months old need to be mailed to the IRS, and are not allowed to be filed
electronically. It is advisable to use a service with a delivery tracking
method in order to confirm receipt of your form. Preferably, mail all the
late tax returns in separate envelopes. You may hand deliver them
personally if that is practical.
- Create a
plan to pay off your tax debts. It requires patience, sound judgment, and
the ability to handle the IRS well. You will need to learn how to handle
an IRS investigation, levy, lien, or assessment. Setting up a payment plan
is advisable so that you can pay off back taxes as early as possible. But
you may have to borrow some money for this since the IRS is not a bank and
does not want to receive monthly payments.
- Now that
you have gone ahead and filed late tax returns, you need to plan ahead and
focus on the future. Review your overall tax situation and work out
strategies to reduce your taxes and achieve financial goals over the
coming years.
Refunds
and Payments
According to tax lawyers, federal and
state tax refunds can be claimed up to three years. If your file late tax
returns for later than three years then you are not entitled to a refund, if
any, and you will not have the right to claim the money. However, on the
brighter side, filing late returns will save you from the potential danger of paying
heavy tax penalties that can exceed 25 percent and even going to
jail like Wesley Snipes!
But Snipes was awesome in Expendables
III!
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