No one likes filing their taxes, but not filing them isn’t just a bad idea. It’s illegal. The IRS keeps detailed records, and chances are they’ve already noticed your lack of compliance. If you’re guilty of an unfiled return, it’s only a matter of time before they catch up with you and demand payment. So, do yourself and your finances a favor, and bring your return filing status up to date as soon as possible.
Here’s how to get started…
Consult with a professional. While the desire for a clean slate is commendable, now is not the time to go it alone. Before filing missing returns, you may want to consult with a qualified tax professional who can offer advice and support, from gathering the proper documents to ensuring that the necessary paperwork is completed correctly.
Gather documentation. Sort through your records and compile all the tax-related information you have on hand. If you’re missing W2 or 1099 forms from past years, your tax pro has the ability to help retrieve them. A professional can also help you construct your income and expenses when records have been lost or destroyed.
Run the numbers. A tax professional can file on your behalf, so you can learn the exact figures you may owe. According to the IRS, a surprising number of unfiled returns may actually be due for a refund. In fact, unfiled 2015 federal income tax returns left 1.4 billion in unclaimed refunds on the table.
If you’re dealing with the potential repercussions of unfiled tax returns, contact the tax resolution specialists at NJ CPA firm Magone & Company at (973) 301-2300 to schedule a no-obligation consultation, and get back on good terms with the IRS.