File Prior Taxespriorreturns

There are many reasons why an individual may need to file prior taxes.  If you have found yourself in the situation where you need to file prior taxes, you are not alone.  There are many options available to help you out in this situation.  There are online programs that can help you through the process, however, consulting with a certified tax professional may be your best source of information and support when dealing with the IRS.

First and foremost, you need to get the returns filed.  Even if you believe you owe money that you cannot afford to pay, the tax returns need to be filed.  In some cases, you might actually be eligible for a tax refund, however, there is a statute of limitations, or a time limit, in which you can be eligible for the tax refund.  By getting the prior taxes filed, you will have a better idea of what amount you may owe the IRS or if you are eligible for a refund.

If you owe the IRS money, they actually will hold current year refunds to cover the amount of the debt.  When you file prior taxes and deal with any delinquent money owed to the IRS, you can protect both current and future refunds.  If you fail to file returns, the IRS will often assess the return and file for you.  However, there may have been deductions or claims that could have been made to reduce your tax liability.

When you take care of filing prior taxes, gather all pertinent records that you are able to locate.  A tax professional may even be able to assist you if you do not have the documentation that you need to complete the return.  Tax professionals are also aware of tax laws and can represent your best interests when dealing with the IRS.

If you need to file prior taxes, don’t panic, don’t ignore the situation, and don’t hope that it will just go away.  Gather what you can, talk to a tax professional, and file the prior taxes.  You will be on your way to putting your tax worries behind you.

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