File Back Taxes
If you’ve neglected to file previous years’ tax returns, or filed them incorrectly, it’s essential that you file back taxes, and file them soon. Doing so is an effective way to quickly prevent any interest or penalty fees from adding up, and plus you might be eligible for a tax refund still, if you act quickly and correctly. Platinum Tax Defenders has an experienced team of enrolled agents and certified public accountants who can help with back taxes.
Filing paperwork is never enjoyable, let alone filing paperwork from a year ago, but the longer you wait, the steeper the fees and penalties you owe and the less likely you’ll be to qualify to claim a refund or any other tax credits that you might have originally qualified for.
WHAT ARE BACK TAXES?
Back taxes are any amount of income tax that remains unpaid each year. For taxpayers who have failed to file their taxes in past years, back taxes can add up quickly. The IRS may have contacted you after an audit of your unfiled taxes, or you may be someone who files their taxes promptly each year, but simply has not paid the balance owed. Either way, it can be a very stressful and frustrating moment when you receive those registered letters from the IRS. Platinum Tax Defenders can help relieve some of that anxiety and help you get back on tax track by helping you file your back taxes.
WHAT IF I HAVE BACK TAXES?
If you have back taxes that you owe to the IRS, you’ll receive an alert from them with the amount you owe, when it’s due, details on any IRS penalties or interest that have been added, and instructions on what to do next. Sometimes taking care of your back taxes is a simple process that can be done quickly, but other times, depending on your tax situation, it’s not so easy.
The longer you go without paying your back taxes, the more IRS penalties and interest charges you will incur. This is something you want to avoid because it will ultimately increase the total amount of debt you owe to the IRS. In a perfect world, you’ll want to address your back-tax issues as soon as you get your first notice from the IRS.
HOW DO I KNOW HOW MUCH I OWE IN BACK TAXES?
The IRS will send you a notice about your back taxes that will include details on the original amount owed, and any penalties or interest charged. This will also include the total amount of back taxes owed after penalties and interest have been added. If the amount of tax debt you owe to the IRS in back taxes is overwhelming, it’s advisable that you get help with your back taxes from tax resolution professionals.
Platinum Tax Defenders works in partnership with our clients and the IRS in order to negotiate low monthly payments and one-time lump sum payments in order to assist our clients in settling their debts with the IRS. We are experts in our field and work hard to come up with specific tax resolutions for each individual client. We understand that each taxpayer’s back tax situation is unique.
Most IRS collectors understand that the reason most people will fail to pay their back taxes is because they simply cannot afford to. The IRS is also often willing and able to negotiate tax debt settlements, if the taxpayer takes the initiative to contact them early on and arrange for a reasonable payment plan. But this doesn’t always work out to the taxpayer’s advantage because the average U.S. taxpayer is so unfamiliar with the legal jargon and rules of the IRS.
WHAT DO I DO IF I OWE BACK TAXES?
Each year, U.S. taxpayers neglect filing or paying their taxes for a variety of reasons. The IRS is aware that there are oftentimes when individuals either simply overlook filing their returns, or intentionally do not file their returns. This can result in mounting back taxes and increased financial anxiety for taxpayers who have fallen behind. If you have back taxes you need to pay or file, it’s essential that you handle it sooner rather than later. Here’s a list of steps you can take to begin filing your back taxes.
Collect Your Necessary Paperwork
Before you attempt to file back taxes on your own, or get help with back taxes, it’s imperative that you make sure you have all your relevant tax forms readily available for that tax year. These forms might include:
- 1099 tax forms
- Any other income or expense statements
If you have missing forms, you can contact your former or current employer to provide those to you. The IRS should also have a summary of the wage and income documents it received, but you’ll need to register online with the IRS and verify your identity with them before those are handed over to you.
Get Help With Back Taxes
While taxpayers can certainly file back taxes on their own, this process can often be complicated and frustrating. You can get help with filing your back taxes by calling the professionals at Platinum Tax Defenders. Our team of enrolled agents and certified public accountants are here to ensure your back-tax filing process is smooth, and that you get back any tax refunds or credits you might be eligible for.
Settling Fees or Penalties
If you owe back taxes, there will likely be penalties and other interest fees to pay. If you fail to file by the tax deadline, a failure-to-file penalty equal to 5 percent will be added to your unpaid bill per month. That maxes out at 25 percent. Interest will also continue to accrue on your unpaid back tax amount until you pay off the bill. If you can’t afford to pay your tax bill by the April 15 yearly deadline, it’s advisable to seek the help of tax resolution experts, like Platinum Tax Defenders, who can help you with filing your back taxes and settling any fees or penalties. They might also be able to negotiate on your behalf to lower, or in some cases remove, these penalties.
Claim your Tax Refund
If you’re filing a return that is no more than three years past due, you should still be entitled to claim your refund. If you’re filing back taxes that go beyond three years, it might be harder to claim any tax refunds or credits that you might have otherwise been eligible for. Contact the experts at Platinum Tax Defenders today. They know your rights and they’ll help you get the most of your tax money back.
HOW FAR BACK CAN I FILE BACK TAXES?
The IRS allows three years from the deadline to file your previous year’s return and claim your refund. To return to good standing with the IRS, you should go back and file your last six years’ worth of tax returns and pay any back taxes that you owe.
HOW FAR BACK CAN THE IRS COLLECT TAXES?
The IRS’ statute of limitations for back taxes is 10 years. During that 10 years from the date when your back taxes were originally assessed, the IRS can attempt to collect what you owe through collection means such as property liens, bank levies, and wage garnishment. Once those 10 years have passed, the IRS cannot continue collecting on your back taxes.
PAYMENT PLANS FOR BACK TAXES
Platinum Tax Defenders offers help with back taxes that includes working with the IRS on your behalf to come up with a reasonable payment plan and settlements. The consequences for unpaid back taxes may vary and depend on the individual taxpayer’s situation. Consequences can include wage garnishment, property liens, and bank account levies. Therefore, it’s very important for people that have fallen behind on their back taxes to contact a tax professional as soon as possible. Working with a tax professional service like Platinum Tax Defenders is a much better option for taxpayers than attempting to contact the IRS on their own, especially if they have a large amount of back taxes that they owe.
IRS codes and regulations can be hard to understand, and many taxpayers will agree to monthly payments or settlements that they simply cannot afford in order to get the IRS off their case. Having a skilled tax attorney negotiating on your behalf will increase your options of obtaining a payment plan or settlement that you can afford.
If you are a taxpayer that has received a letter or notice from the IRS stating their intentions to levy your bank account or garnish your wages, Platinum Tax Defenders can help you. Platinum Tax Defenders will work with you to get out of debt with the IRS so you can look forward to a positive financial future. We understand that this process can often be arduous and frustrating. The professionals at Platinum Tax Defenders are here to answer any questions you have and provide you with assistance in filing your back taxes.
WHO WE ARE
Platinum Tax Defenders is a full-service tax resolution firm in Los Angeles that has been helping taxpayers resolve their IRS and State tax issues since 2011. Our team of tax attorneys, accountants, and enrolled agents have a combined more than 90 years of experience in the financial services industry. Our team is ready to provide tax relief services to clients facing wage garnishments, bank levies, liens, and other challenges.
WHAT WE DO
Platinum Tax Defenders is a full-service tax resolution firm that includes a tax attorney, IRS enrolled agents, and certified public accountants specializing in providing tax relief services for taxpayers facing IRS or State tax debt. We work with the IRS on your behalf to come up with reasonable payment options and settlements. Our tax professionals are knowledgeable and experts in tax negotiations. The consequences for unpaid taxes vary by each individual taxpayer’s situation. But unpaid tax debt can lead to wage garnishment, property liens, and bank account levies.
Platinum Tax Defenders will help you reach a tax resolution plan before it’s too late. We offer fast response protection to our clients and a commitment to gaining major tax reductions. Whether this is your first time facing a tax problem, or you have previously hired a tax relief firm in Los Angeles to resolve your tax debt, we have a track record of consistently garnering IRS settlements for our clients.
WHY TRUST US
At Platinum Tax Defenders, we’ve developed an impeccable reputation for doing what’s best for our clients, 100 percent of the time. We are honest and upfront with you about your tax debt situation, and the type of tax resolution services we can provide. Each individual tax situation is different, and we’ll do whatever we can to negotiate with the IRS to help you reach a tax relief plan that works for you. We are experts in our field and work diligently to resolve the specific tax issues that each of our clients face. Platinum Tax Defenders offers fair and honest tax resolution services, and you can count on us to operate professionally and legally.
Many tax relief services in Los Angeles tend to make promises that are unrealistic. You can count on us to always be honest and upfront about your financial situation, and what type of tax resolution results you should expect.