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Simple Steps to Filing Your Back Taxes

     Back taxes are taxes you did not pay the last year or the taxes you underpaid. People usually have underpaid taxes when they did not report their taxable income properly either by accident or intentionally. Regardless of the reasons why you did not pay or underpaid your taxes, the IRS will demand immediate payment together with the appropriate interests, fines and penalties.

Having back taxes does not have to result in criminal prosecution because you can still pay these taxes. The sooner you file your back taxes you will be able to keep your penalties and fines to a minimum. Even if it has been years since your back taxes have been due, it is better than running the risk of being in trouble with the IRS should you have your back taxes remain unpaid.

If you have back taxes it may be to your best interest to seek the help of a tax professional. He will be able to analyze your situation and suggest the best way on how to deal with the concerned tax agency. He can also file your back taxes and even negotiate for lower penalties.

You may also opt to file back taxes yourself. You just need to make sure that all the tax documents you have are accurate. Follow these simple steps and you will be well on your way to being free of any back taxes.

Step 1: Compile all your tax documents which will include either your W-2s or 1099 forms for the tax years you have back taxes. If you are entitled to certain credits and deductions, gather all supporting documents or receipts to prove that you are entitled to claim them.

Step 2: If you do not anymore have a file of your tax documents, as long as they do not exceed 10 years, you can request for a copy from the IRS. You can request for a Transcript of Tax Return, including W-2s, 1099s and 1098s by filling Form 4506-T. The Transcript of Tax Return, although not duplicate copies of the original form, will include all information you need to file your back tax returns. It will more or less take the IRS 45 days to process and release your request.

Step 3: Your back taxes must be filed on the original IRS tax forms for each of the prior tax year or years you are filing. You can download these forms from the IRS website. You can also use some tax preparation software.

Step 4: You need to file your back taxes using instructions on the form of the year you are filling your back taxes. If you are preparing back taxes for the tax year 2009, make sure you are using the instructions of the tax year 2009 when you are preparing your tax returns. Each year, Tax Laws change and if you are not using the instructions of the particular year you are filing your tax returns, you may have to file your tax returns again.

Step 5: Submit your forms to the IRS. The address is listed in the instructions of Form1040. If you still have back taxes for any of the past years, make the largest payment you can afford to lessen the interest charges. Monthly interest on unpaid taxes, continue to accrue until the entire tax due is full paid while penalties have a ceiling. Expect to receive a notice from the IRS for the exact amount you need to pay for interest and penalties once you have submitted your forms.

Seomul Evans is SEO services consultant and content writer for leading Dallas Tax Lawyer. Visit the site to know more about Dallas Tax Attorney.

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Seomul Evans is SEO services consultant and content writer for leading Dallas Tax Lawyer. Visit the site to know more about Dallas Tax Attorney.

Posted on 2013-01-16, By: *

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