October 14, 2022

Do You Have Unfiled Tax Returns? Here’s What To Do.

unfiled taxes

Unfiled Taxes are always a problem. Filing your taxes is never a fun thing to do, but if you don’t file them at all then the IRS will come calling. They have powerful collection agency tools and an unforgiving nature that makes this one of the worst mistakes anyone could make. Getting on their bad side isn’t easy; having years worth of unfiled returns only adds fuel to the fire!

The IRS is always on the lookout for taxes that need to be paid. If you have unfiled tax returns, it’s only a matter of time before they find out and demand their money back with interest! When it gets to a point where the IRS contacts you personally, the amount they claim you owe will be far greater than the amount you actually owe. You don’t want this situation and unfortunately in these circumstances the amount they claim you owe is what you will have to pay unless you prove otherwise.

Before we jump into it, if you have back tax debt or years of unfiled tax returns, contact our firm for a consultation. You won’t have to talk to the IRS and our firm can provide the peace of mind you need to resolve your tax issue.

The longer you wait, the worse the situation will become. Here are some important steps you can take if you have unfiled returns with the IRS.

unfiled tax returnsGet Your Documentation

If you’ve been neglecting your taxes for too long, it’s time to take care of things. An experienced tax resolution firm can help get things back on track and oftentimes, even if the records are missing or destroyed, there is still enough information that a tax resolution professional will be able construct a strong case for your situation with just a little guesswork.

If you are missing W2 and 1099 forms from past years an experienced tax resolution pro has the ability to retrieve these.

Go Through the Numbers

The fear of high taxes has caused many people to avoid filing their returns, but those worries are often misplaced. According to the IRS statistics approximately one-third (34%) of all unfiled federal tax forms may actually be due a refund! Now that you have all the documentation you need, it is time to run the numbers. And while you may not be able to get exact figures without filing the returns, you can get an idea of how much you might owe.

Hire a Professional

Whether you are an individual, partnership or corporation there is a strong temptation to let your past mistakes go. But doing so would put both financial security and freedom at risk – which makes filing those old tax returns seem like tempting fate instead of bravely taking on the challenge ahead!

When you’re dealing with back taxes, it’s important to have someone on your side who knows what they are doing. A tax resolution professional can give invaluable advice and guidance about how to lower the amount that the IRS claims you owe and the best steps moving forward for your situation.

You’re not alone in the battle against taxes. The IRS is ready and waiting for you, so it’s best to have an expert on your side who knows how to get the help you need and deserve.

A tax resolution professional can give advice about what needs to be done; from gathering documents like W-2s or 1099’s right down to making sure everything looks perfect when filing those unfiled returns… all while filling out any paperwork needed along the way.

Contacting the IRS is a scary thought, but avoiding them will make your situation worse. When you don’t file your taxes and lose track of what’s owed to the government it can have devastating consequences for both yourself personally as well as financially. The IRS stores detailed records of everyone in their database and chances are, you are already on their radar due to your lack of compliance.

Filing those returns ASAP will go miles in helping you get back on track before any more damage becomes irreversible. Filing your taxes might seem like a daunting task, but there is help for you. The right professional can make things right with the IRS and relieve some stress from this difficult situation so that it doesn’t keep hounding or troubling one’s life away from what should be enjoyed!

The stress of not filing taxes can be enough to make you lose sleep. What’s worse, if the IRS comes calling and finds out about your unfiled returns they will take action against both yourself as well as how much money was owed in back taxes! To avoid this disaster, do yourself and your sanity a favor by filing your returns now; it isn’t nearly as scary or daunting as receiving the final collection letter from the IRS or getting your bank accounts levied.

If you are looking for tax relief, we can help! To help ease the stress from your situation, we offer a consultation with one of our tax resolution experts. You don’t have to worry about confidentiality or cost because the consultation is completely free. Schedule an appointment with one of our experts today by following this link.

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