Most people offer a million reasons when asked about their failure to pay their taxes. While some of these sound pretty genuine others are little more than humbug. However, the fact remains that regardless of the reasons for your failure to file your taxes; you will have to make amends and file your late and back taxes at some point.
Remember, that the IRS can create a lot of trouble for you if you refuse to meet your tax obligations and unless a jail term is water under the bridge it is highly recommended that you don’t try the taxman’s patience. As a matter of fact, the easiest way to remedy a potentially troublesome IRS situation is to file your back taxes.
You may not be a very big defaulter, perhaps you only missed your tax filing last year or may be you went a little over board and haven’t filed your taxes for the last decade; either way, the most appropriate recourse would be for you to file your back taxes. For one, this will make the IRS feel that you are willing to work towards a solution and they may reconsider prosecuting you or incorporating enforced tax collection methods to make you pay up.
Then there are some genuine calamities which may destroy most or even all tax records such as a fire, flood or other adverse acts of nature when all of most tax lawyer in Dallas of a persons; belongings may be destroyed. However, you don’t need to fret, get in touch with a tax attorney and an accountant and they should be able to help you reconstruct or retrace you tax records for the last 15 or 20 years. Through this you will be able to file your back taxes.
Then again, the most plausible reason for nonpayment of taxes cited by tax payers in the non-availability of funds to meet their tax obligations and this is often the reason given for years back taxes. But, you need to understand there are alternatives available for filing your back taxes and tax returns. One of the benefits of opting for such a resolution is the avoidance of a 25% penalty which is what the IRS is going to expect you to pay in case of late tax returns. Then there are other states which may charge you other than the stipulated 25% so the best option would be to go ahead and file your tax returns.
If you have access to the tax records of previous years, you will just need to prepare your tax returns. However, this is often the most confusing stage for most people. If you are not sure about any aspect of the procedure it is highly recommended that you seek advice from a tax accountant or a tax attorney to avoid IRS troubles in the future. It is often difficult for individual to realize that they have not paid a certain amount. For some tax payers the mere act of making an appointment with a tax consultant proves to be relieving.
Many taxpayers incorrectly assume that they can use electronic methods to file their back taxes; however, the IRS holds a different view; the IRS prefers to receive requests for filing back taxes through mail or hand delivery. Also, when you send such documents through mail, you will have proof that the IRS did receive them so always send them through certified mail.