Things happen in life that can throw people a
bit off track. Maybe, for example, you had a tough year, or there was a period
in your life when you weren’t very responsible. Whatever the case may be, if
you went through this kind of “phase,” you may have missed filing tax returns
for a particular year or years.
When that happens, the IRS can file a return
on your behalf and assess what you owe, and it’s often not pretty! Before that
happens, however, or even after if you still have time, you can simply file
your own back tax returns.
Get
Your Information Together
Depending on how long ago your missed tax year
was, it may be hard to locate information for that year. However, do your best
to find any relevant W-2s or other documents. The IRS is likely to have these
types of important documents on file, and you can call them or go online to
request to have them sent to you.
Once you have the documents you need, your
next step is to file your back tax return. Remember, you’ll need to go by the
tax rules that were in place the year you missed filing! This is easy to do if
you use a tax software program or online filing system. Just bear in mind that
prior-year returns have to be physically mailed to the IRS. So, while you can
fill out the forms online, you’ll need to actually print and mail them.
Get
Some Help
Once you file your past return, you’ll know if
you’re entitled to a refund or if you’re owed money. If it’s the latter, then
prepare for penalties and fines to be assessed for late filing. The IRS will often
give you a few different options for paying your tax debt, such as all at once,
via a payment plan, or through an offer in compromise. If you’re unsure about
the best way to pay your tax debt, don’t hesitate to reach out to a tax
professional. They can help you to better understand these options and to
choose the one that’s right for you.
Ultimately, filing back taxes can be a pain,
but it’s necessary! If you’re tired of living in fear that the IRS is going to
come knocking at your door over those unfiled years, take action and get back
on track and back in compliance.
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