A new year has begun and a new filing tax season is upon us.
If you owe back taxes or have unfiled tax returns and fear you will owe a tax liability – take heart.
There are some very important things that you can do to help yourself. These tasks may sound almost simplistic, but they are nonetheless very important to accomplish.
Prepare Unfiled Back Tax Returns
- For the last six tax years, you must prepare any unfiled tax returns.
- You may have to prepare and file unfiled tax returns for more than the last six years, but a tax professional would have to advise you on that. But six years is the IRS’ general guideline.
- Be sure to not file more than you should or you may actually increase your tax liability for no good reason.
- Pay Your Current Year’s Taxes
It’s never easy, but taking the first step to clearing your back tax returns is the first step in getting help with your tax problems.
Until next time,