Are You Confused On How To File Your Back Taxes?
Will, a self-employed plumber from Dallas didn't file his tax returns
. Last May, he lost his records in a flood, and had not found time to stress about it because his sub-contracting work was finally picking up. Luckily, the IRS had not looked as if it would notice, which gave Will an opportunity to ignore the his unfiled taxes completely.Nearly 6 weeks later, the IRS mailed a notice in the mail. Will put it on the kitchen counter and made a mental note to read it later that day. However, a new customer needed the addition to her house finished when possible, and Will's wife was nagging him to complete their new garage. Soon, the letter was misplaced under papers and work papers on the table, and it was again forgotten, He did not take the trouble to learn how to file back taxes
Months went by and business resumed and continued to flourish. The IRS began sending certified correspondence, but Will and his wife disregarded them because they simply didn't have time to look at them. Eventually, Will decided to get a bookkeeper to work on his taxes for him, but he quickly lost track of the progress. The notices resumed and continued to appear up in their mailbox, but Will was perplexed because he thought he had taken care of the problem.
Finally, Will picked up a notice one Saturday morning to see what was going on. He was astounded to learn of the fact that IRS said he now owed over $500,000 in taxes. He reread the notice several more times, but every time it said the same thing. Feeling sad, perplexed, and humiliated, Will hid the letter upstairs, hoping that his wife would not find it before he had an opportunity to handle it it.
Since Will had repeatedly neglected to file his tax returns, the IRS filed his tax returns and asserted he owed a lot more than he actually did. However, Will still had a an opportunity to solve the problem. With a assistance help, his unfiled tax returns would be able to be legally prepared by a real tax attorney and his missing books and business records could be reconstructed. This made it possible to greatly decrease his total taxes owed and he might even find a way to argue to lower his tax debt based on his ability to pay.
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