Correct An Earlier Mistake With Back Taxes Filing
The first step is to gather any tax forms, receipts
, tax software W-2 forms and 1099 forms for the back taxes filing. While the forms for back taxes filings may be similar to those for the current year, it is important to use the forms for the right tax year.Complete the paperwork as required and check for the deductions for which you might qualify. Use the instructions to calculate the taxes and double-check your figures. Most people are not aware they can get a refund even when filing tax papers late and there is a stipulation that refunds are only allowed if the taxes are filed within a three-year span of the original due date.
If a person owes additional tax for back taxes filing, it is important to pay the proper tax in full or the very least, make a payment. You can choose to include a check for the required payment with the return or complete a Form 9465 that is mailed with the return. Use the instructions on the form to ensure the form and check go to the right address.
While it is possible to complete back taxes filing by completing the paperwork and sending the form through the Postal Service, the delay in filing causes many people to be anxious that the return is sent to the IRS as quickly as possible. However, after delaying the filing, many people are often anxious to get the return to the IRS as quickly as possible and prefer to file online. There are a couple of options for filing late returns online.
Visit the IRS website and locate the link for Free File if taxes are six months late. Taxes can be filed through October 15th of the current year in which they are due. Your state may have different rules for filing back taxes due the state.
Another site, Prior Tax offers an online site that makes back taxes filing easy. People can find old IRS forms from previous years and locate old returns that may be needed for filing. Prior Tax charges a minimum of $50 to file federal and state taxes.
You might want to contact legal counsel or an accountant for guidance, help with forms and recommendations. The federal laws enforce the statute of limitations on taxes that are not paid. The IRS may take as long as 10 years after the filing of a return to collect taxes and there can be penalties and jail time.
If a person owes taxes and fails to file, the IRS can file a return using an estimation of income. This substitute for return form involves some assumptions about income and does not account for all deductions that could be filed. It is often to less expensive to file a late return rather than none at all.
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