If you have forgotten, or were unable to file taxes on time, you are like many Americans. Actually, the number of people who miss tax deadlines and further more do not pay taxes altogether is staggering. In 2009, a U.S. Internal Revenue Service spokesperson projected that 8.2 million Americans owed more than $83 billion in back taxes, interest and penalties.
Regardless of IRS penalties, millions of Americans fall behind on their taxes each year. Reasons for failing to file your taxes range from business reasons to major disruptions in life. Furthermore, many Americans owe back taxes due to overlooking income, or making a simple math error when they do file.
For those who have decided to resolve their tax debt this year, there are five things you should do before filing:
1. Contact a tax resolution attorney.
Contacting a professional should be your first step. A tax resolution lawyer can help you determine how to wipe out your IRS debt once and for all. The professional tax specialists at a company like U.S. Tax Shield will help get you protected and negotiate the lowest possible payment amount that best suits your lifestyle and particular circumstances.
2. Find copies of the last return you filed.
Acquire a copy of the last tax return you filed, personally and for a business if you own one, as this will help you and your tax resolution attorney determine what forms you will need, and what plan will best help you resolve your IRS debt.
3. Organize tax records from previous years.
You will need to gather information from the years you failed to file. This information includes income, receipts and charitable donations.
4. Visit the Internal Revenue Service’s (IRS) website.
Here you will find useful information and forms from previous tax years. If you still do not know which forms you will need, you can visit your local IRS office to receive further help.
5. Be prepared to pay penalties.
If you have been delinquent on your tax bills, you should be prepared to face any punitive repercussions from the IRS. Those who owe back taxes to the IRS may face late filing penalties. Unless you have a sound reason for being unable to pay your taxes, you will have a difficult time having these fines dropped. If you are worried about having enough time to pay your taxes back, you can visit the IRS website and file Form 9465, which is an Installment Agreement Request. You also may be eligible to receive an Offer in Compromise.
Learn more about back taxes with U.S. Tax Shield:
Contact the professional tax resolution attorneys at U.S. Tax Shield today to learn more about your options. Our team has the experience, an A+ Better Business Bureau (BBB) rating, and the knowledge to help you resolve your IRS debt soon as possible.