Back year taxes can be a pain. We can help.
Back year taxes occur for many reasons. Sometimes life just gets in the way, just as the Coronavirus pandemic has derailed many of us. Typically, you get busy at work, go through a difficult divorce, become ill, lose your job, suffer death in your family, or experience something else that sidetracks you from filing your tax return on time. Sometimes, you are overwhelmed with the process of filing your taxes. Perhaps you discover that you owe tax and have no money to pay the tax, so you decide to skip or postpone filing that tax return (NOT a good idea).
Sometimes you get behind in filing because of actions taken by other people. Your spouse, business partner, or employee may have promised to file tax returns but didn’t file, filed incorrectly, or did not pay taxes. In some cases, you can claim that you were the “innocent spouse” and get your account corrected. While there is a bit of work to be done to prove similar innocence if you own a business, it is possible to correct your account with the IRS or your State.
Whatever your situation, we are here for you when you are ready to get caught up with your taxes. Indeed, and the sooner you begin this process, the better the outcome. We can help you relieve all that stress and focus on your life or business confidently.
Failure to file your tax return(s)
The IRS is very aggressive about coming after non-filers and non-payers. So even if you don’t owe that much, you’ll want to file right away to stop the penalties and interest from adding up.
IRS debt can add up fast. There’s a failure to file penalty, interest on the taxes that are late, and the taxes themselves. The failure to file penalty can be as much as 25 percent, so that’s a debt you don’t want to have pile up on you.
The most important thing about filing back taxes is to get them filed as soon as possible whether you can pay them or not. Filing back tax returns will stop the failure to file penalty and is the first step on the road back to compliance for you.
It’s never a good idea to have the IRS estimate and complete your return for you. You are better off hiring a tax professional to get you caught up and to represent your case before the IRS to work out a way to pay your back taxes that won’t leave you bankrupt or suffering financially.
We know there are many national chains out there that would like to help you with your tax problems, but all of the clients we have worked with say they prefer our blend of local neighborhood tax expertise and ability to help them using strategies national chains don’t bother with. Whether serving you at our offices or live online, we have assisted vast clients resolve back-year tax issues relating to personal income tax, small business, rental real-estate, cryptocurrency, non-profits, and US expatriate or non-resident income issues.
What we can do for you
Our tax professionals can help you:
1. Respond professionally to IRS or State notices
2. Help you collect records and receipts and get your bookkeeping caught up so you can file accurate returns
3. Rebuild lawful income or business records for past years if you are missing such record
4. Prepare and file any delinquent income tax returns
5. Secure your tax refunds on late-filed years before they are lost for good
6. Explain the next steps you need to take to continue getting back into compliance with the IRS and your State
7. Help you navigate through any tax debt you owe in ways that don’t cripple you financially.
Indeed, because of our dual expertise as tax and financial advisors, we have helped clients go from owing tax debt to leading satisfying, well-managed financial lives!
Solutions for your delinquent income tax return filings
Contact us today at no obligation to you so we can understand your specific tax situation and provide advice on the options available to you. We are available in person, by phone, by email, or by video conference. You can book your free consultation here right now! Your tax issues will be handled with the utmost confidentiality and privacy.
