Do you wonder whether you should file your tax returns timely or wait until you have the money to pay the taxes you owe. The answer is simple, you should file all tax returns when due, regardless of your ability to make full payment with the return. Failure to file a return or filing late can be very costly. If you owe taxes with your return, late filing may result in the IRS assessing you substantial penalties and interest.
If you are due a refund there is no penalty for late filing. However, if you wait too long to file your return, the IRS will deny your refund. In order to receive a refund, your return must be filed within three years of the due date.
If you have unfiled tax returns our tax preparation specialists can help you get back into compliance by preparing your past-due federal and state returns. If you no longer have records of your wages, interest income, or other income, we can obtain this information by requesting a transcript from the IRS. We will also help you determine your allowable deductions and expenses that will reduce your tax liability. Once you have filed your back tax returns we can negotiate a payment plan with the IRS for the unpaid taxes due.
If you do not file your tax returns the IRS is allowed by law to file one for you. They will use the information reported to them by your employer, bank, clients and customers. Since the IRS does not know whether you have any dependents or the amount of any personal or business deductions, your tax return will be prepared without the benefit of these items. The IRS will prepare your return using the standard deduction which may be substantially less than your allowable itemized deductions and if you’re married the IRS will consider your filing status as either single or married filing separately. This will result in the IRS attempting to collect past due taxes that are more than what you actually owe. Let us help you file your past due personal or business tax returns so that you pay the taxes you owe and not more.
We can prepare any federal and state tax returns for you, including the following:
Call us today for help with Unfiled Tax Returns!
With over 30 years of experience, our tax professionals are here to help you obtain relief from your tax problems. Let our team of CPAs help settle your tax debt for the lowest amount permitted and solve IRS problems such as bank levy, IRS audits, wage garnishments, unfiled tax returns, IRS liens and payroll tax penalties. Proudly serving taxpayers in Boca Raton and throughout the U.S. Call for your Free Consultation today!