subject: How To File Past Year Taxes [print this page] Past year taxes can be intimidating, but dont despair! Taking care of them is a lot easier than it seems. Plus, at the end of the process, you could even have a nice fat refund waiting for you.
Unfortunately you cant e-file past year tax returns. You can only e-file current year taxes, and even then the IRSs e-file system shuts down every year on October 15. This is the date that all returns that requested an extension are due. After this date, all returns (except for some with very exceptional circumstances) are officially late.
Even though you cant file past year taxes online, you can still prepare your return online using a tax program specifically designed for prior year taxes. Then you can print out the completed return and mail it to the IRS.
Using an online program is much easier and more accurate than doing it yourself and much cheaper than visiting a tax agent. While not as convenient as e-filing, it is still the best option available. To really get your refund money as quickly as possible you should avoid having to file prior year taxes at all by e-filing your return before the April deadline.
Even though your taxes may be late, dont count out the possibility that you could still get a refund. Many delinquent taxpayers just assume theyre going to get slammed with tons of penalties. But you can still get a refund for three years after a returns original due date. At this point that means you can get a refund for 2011, 2010, and 2009. And, even better, if youre due a refund, you wont get charged any penalties. Make sure you file before you lose the money youre due.
Even if you dont get any money back, its still important to file as soon as possible in order to minimize your penalties. If you do owe money, you can expect to pay a failure-to-file penalty (5% of your tax liability for every month after the returns due date), a failure-to-pay penalty (0.5% of your tax liability for every month your taxes go unpaid), and interest on your tax liability each month. As you can see, it makes sense to file as soon as possible.
Its always better to file than not to file, even if you cant afford to pay what you owe. Thats because the failure-to-file penalty is much greater than the failure-to-pay penalty. And if you dont file, youll just end up having to pay both, instead of just one. Plus for people who truly cant afford to pay their taxes the IRS has payment plans available that allow you to pay back your tax liability in monthly installments.
by: Brian Justin
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