HELP!! I Need to File Previous Years' Taxes!!

Filing your income tax returns can be a very stressful job for some. 😳 That's why I always recommend you contact an experienced tax professional at Neglco Tax Services. But if this year isn't giving you enough grief, what if you haven't filed for a couple of years? 1?? 3?? Even if the answer is never, Neglco has got your back.

Reasons you did not file your taxes

There are many reasons that may have prevented you from filed multiple years of tax returns. Maybe you were worried about how much you owe, or you couldn't find the records you needed, and just forgot. Maybe you've divorced or lost your spouse that typically handled the income tax returns.

Whatever the reason, do not fret. Neglco Tax Services is here to help you; and most importantly, not judge you. Taking into consideration that the laws change every year (yes, that's correct 😁), it becomes even more important to have the help of a tax professional when it becomes necessary to file for several year that have already past.

Still don't want to file?

Well, as your trusted tax professional, I have to strongly advise against that. For one, filing tax returns is the law, Failure to file can be a felony (see, Al Capone 🔫). Other reasons include:

• Many non-filers for 2018 and 2019 have still not received their stimulus money, and lack of filing is probably the reason

• You may have difficulty buying or refinancing your house

• The IRS may file substitute returns for you that don't include deductions, and you wind up owing more

• You may not be able to get a passport and will not be able to travel outside country; in fact, if you owe more than $50,000, your passport will be revoked

• For the self-employed, you'll be missing out on increased Social Security contributions for when you retire

• You will not be able to get student loan aid for your kids college (FAFSA)

• You have an increased vulnerability to identity theft

There is potentially a sliver lining on this dark cloud. 🌩 If there is any chance that you were due a refund, or your tax professional helps you find one. all is not lost. You are entitled to file and collect refunds owed for up to three years after the initial due date. That means currently you can file 2017, 2018, and 2019 returns to collect any refunds owed. 💲

OK, so, what do I do now?

Hopefully, I've convinced you that the right thing to do is come clean and face the music with IRS. There are many things that can be done to help you prepare and file previous years. Many tax professionals have access to software dating back many years, so preparing and filing is handled just the same as it if were filed in time.

Here's the bottom line. It doesn't matter how you got here, or why, but Neglco Tax Service is available to help you minimize your tax liability, and clear your account withe the IRS. Unfortunately, they can't help you when Bruno comes calling because the Knicks 🏀 lost again, but that's a story for another post.

Contact Neglco Tax Services to schedule your FREE consultation.

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