Do You Have One or More Years of Unfiled Tax Returns?
If you missed filing one tax return, chances are you didn’t submit a return for other years as well. The problem is the Internal Revenue Service adds penalties and interest to the amount it thinks you owe (if you have a balance), in addition to starting collection activities against you. It also files a Substitute for Return (SFR) for all missing tax years.
The problem with the government filing a return for you via SFR is that it does so with its best interest in mind, not yours. This means you are not likely to get all the credits and exemptions you are entitled to.
Interest is charged on taxes not paid by the original due date, even if you have an extension of time to file or pay. Interest is also charged on penalties.
What If I haven’t organized my profit and losses for the prior years?
Complete a profit and loss. Fill out a profit and loss or hire us to complete a profit and loss for you.
Get your bank statements. Access your bank / credit union for statements by contacting the financial institute or log in online and download the statements.
Tax Service Reviews
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Very knowledgeable, professional and quick
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Michael Lara December 1, 2022
Is Your Tax Situation More Complicated Than Just Back Taxes?