Here’s Who You Can Turn To for Back Tax Help
- November 8, 2019
- Posted by: asal
- Category: Tax Resolution
Tax season is, perhaps, an annual “tormenting” period for taxpayers. This is the time when the International Revenue Service (IRS) would require concerned people to file tax returns. However, the tax day goes a little more stressful for individuals who failed to file previous taxes or made mistakes while doing so. This is where back taxes and the need to immediately file them come to play.
The IRS promised not to take action to people who voluntarily file their back taxes. But, this won’t be the same case if you purposively avoid filing them, and the agency found it out. It could be a levy or a correspondence from the IRS auditor that can only scare a neglectful taxpayer of his/her back taxes. In the worst case, the IRS themselves could file the tax return for you. That can mean more serious legal consequences and rising complications.
So, if you are experiencing back taxes, the IRS demands you to act immediately and efficiently as possible. Even if it’s late, make sure you’re taking essential steps to file back taxes. One thing is for sure, accomplishing overdue tax documents can be quite exhausting. Yet, this is one of the crucial ways to stamp out a back tax situation. For an effortless job, make use of back tax help from qualified back tax specialists.
Receiving a notice of past due from the IRS is frightening, for sure. Nonetheless, if you have knowledge of its basics and the significance of hiring tax experts, there’s no room for worries.
Back Taxes 101: Learning the Basics
The concept of back taxes is pretty simple. It is any taxes that an individual owed, which remains unpaid after year or years that they are due. Letting an entire filing without the mind to pay it on the IRS, could incur you of back taxes. As a powerful revenue agency, they can take action even if you request an extension. It may include penalties and interests, which makes current and past dues difficult to settle.
Apparently, the IRS possesses a 10-year control capacity to collect your back taxes. During this time, they can set up different collection tools to get back at you. For example, they can garnish your wages to obtain unpaid taxes. Aside from that, they can place a levy on your account or claim a tax lien on your property. The agency can also press charges leading to your imprisonment to the most extent. Having said that, critical and immediate steps would save you from any of the following case scenarios.
The Essence of Filing Back Taxes
It is necessary to understand that there is a line between failure to pay tax debts and failure file taxes. If you fail to file your past taxes, you would likely face higher, accumulating penalties. With the IRS being hopeful that you can pay back taxes, they would allow you to file a six-month extension through the form 4868. This would give you a long time and a chance to get the possible help you can gather.
Filing a late tax return can make you ineligible for tax refunds. Other than seizing your assets, the IRS can also craft a Substitute of Return (SFR) on your behalf. This particular return would not allow credit for deductions and exemptions in your favor. With tax records, you can also find it hard to apply for a mortgage, loan, or job. Put in mind that in the course of filing, no one would be ever too late to do so. In fact, the IRS recognizes those taxpayers filing back taxes, even when they can’t pay right away.
Taking Control of Your Back Taxes
The IRS observed plenty of reasons why more and more taxpayers fall behind their taxes. Every tax day, the government agency is expecting a massive number of late filers. But, whatever excuses one may have, these would be useless if the IRS starts their confrontation. If they found out that the reason is of no validity, jail and hefty penalties await a negligent taxpayer. To take full and proper control of the situation, you can consider taking the following steps:
Search and collect all necessary paperwork
Before you head out to face the IRS, make sure to equip yourself with relevant tax forms to file your back taxes. Typically, the IRS would look for W-2s or 1099’s. If you know that you are eligible for appropriate tax deductions, you may need to gather supporting records or receipts. If you happen to lose them, a form request (4506-T) can help you get these documents from the IRS.
Decide which way of filing is appropriate to take
A tax software program can help you prepare your filing strategy. However, if you happen to have a complicated tax-filing situation, a professional tax preparer is best to hire. Besides, filing back taxes would require you to employ tax codes that you may not be aware of. Only those who are knowledgeable of the tax law can do an efficient job.
Pay all back taxes that you owe
Full payment of your due returns would aid you to get rid of accumulating penalties. Even if you have submitted your tax returns, there is still a need to settle them if you have the means. If you cannot afford to pay all your back taxes, you can consider applying for settlement plans or an offer in compromise.
Appeal for tax refunds
Filing for tax returns under three years past due can still make you entitled to refunds. On the other hand, filing back taxes beyond three years can make the situation challenging to obtain tax credits or repays.
Meet the Back Tax File Specialists
Generally, filing and paying your tax returns can get you out of tax trouble. But, to make sure you are handling things in a correct manner, it is always a good idea to meet these back tax specialists. With their skills and expertise, you would know which path to take and which path to avoid when it comes to back taxes. They can provide you with reasonable tax payment and settlement plans. Above all, they are best to call to avoid the frustrating process of filing back taxes.
The Best Back Tax Help from Platinum Tax Defenders
At this coming tax season, you won’t need to face the troubles you had faced from neglecting back taxes on previous years. Platinum Tax Defenders is your ultimate key to a secured, financial future. Our team of legal experts is always available to provide you an excellent back tax filing assistance. Reach us for a free consultation today!