I need some tax help?

Question

I have not filed my taxes for several years, what should I do?

Answer 1

and get ready to pay interest and penalties.

Answer 2

Ummm... Let's see... Yep, got it! File your taxes! Yep, that should do it!

Get the forms for prior years returns at the IRS website and your state's tax authority website.

Any refunds from 2003 and earlier are lost forever, though you should file the returns anyway to close the tax years.

You can still get refunds from 2004 - 2006.

If any years have taxes due, you'll have significant penalties for late filing and late payment of tax. Those will continue to accumulate until you file the missing returns and pay the taxes due.

Answer 3

File taxes now and make an offer to the IRS to pay what you owe minus penalties and interest.

Answer 4

Unfiled tax returns are a serious problem. Non-Filers should take immediate action to get late returns filed. In general, the consequences for not filing tax returns are:

Penalties. If back taxes are owed, a delay in filing returns may result in penalty and interest charges that could drastically increase your tax bill.

Lost Refund. In order to receive a refund, all delinquent returns must be filed within 3 years of the due date. If you snooze, you lose…YOUR REFUND!

Lost Earned Income Credit. If you are entitled to the Earned Income Tax Credit, your late tax returns must be filed within 3 years of the due date in order to receive the credit.

Lost Social Security Benefits. If you are self-employed, you must file delinquent tax returns reporting self-employment income within three years of the due date in order to receive Social Security credits toward your retirement.

JAIL!!! Willful failure to file a tax return is a CRIME. Nonfilers of tax returns need to act quickly to avoid criminal prosecution for failure to file a tax return.

To remedy the situation, you should file all prior years tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on your circumstances, nonfilers with late taxes may qualify for a payment plan or tax debt relief via an offer in compromise. Delay does not help your situation. If you are a non-filer with overdue tax returns, you need to file those late returns as quickly as possible.

However, due to the fact that there is a possibility of criminal prosecution, you should STRONGLY consider hiring an attorney to help you with prior years taxes and the filing of delinquent tax returns to protect your interests in the process.

www.4taxhero.com