If you missed filing your income tax return during the last couple of years, you may worry about what your next step is. Your best bet is to file a return as soon as possible. This will help you regain control of your tax situation.
You need to gather all of your tax documentation. If you are missing any pertinent information or tax forms, you should contact the federal revenue service. They can help you track down all of the necessary forms and documents. You will need to gather all of the necessary receipts and information before you take the next step.
Now you are ready to file your tax return. If you decide to go it alone, you will likely want to use tax preparation software to help make the job a little easier. You will probably need a few hours to complete each return you missed.
There are varieties of suitable programs endorsed by the IRS. The IRS website can point you in the right direction. You might want to research which program will work best for your circumstances. Some operate more quickly, while other catch mistakes more consistently. You can sometimes access these programs free of charge if you are a low-income earner.
If you still find the task painstaking and tedious, you may want investigate hiring a tax professional to help you. They will inform you about which documents you may need, and what you can do if you are missing some information. A tax pro will negotiate for you with the IRS. You can look on line, or ask for referrals, to find an appropriate person or company.
Once you have prepared your returns, you will know where you stand financially. You may be surprised to learn the government owes you a refund. Alternatively, you may have refunds due for some tax years, and tax owing on another tax year. There are time limits for audits, debt collection, and refunds. You need to prepare your financial plan to ensure you meet these guidelines.
You may need tap into the knowledge of a tax professional or a tax lawyer to help you plan to pay off any debts. You may be able to negotiate a monthly payment plan with the IRS. If you deal with the IRS in a patient and polite manner, you may be able to avoid further investigations.
Once you have completed your tax returns for any back taxes, you should start to plan for the next tax year. A tax professional, or even the IRS website, can offer you suggestions to reduce your taxes and plan for the coming tax year.