If you are in this situation the first thing you should do is contact a local tax professional and strategize your next moves, since there are steps that need to be taken to get your tax situation in order. Below we discuss a few of these steps (disclaimer: do not read this information below and assume this is all you need to do since these are just basic steps, you need to contact a tax professional).
Compile all important tax paperwork: This will include all W-2’s and 1099’s for the years you did not file, along with any receipts or documents to support any deductions or credits you will claim. If you do not have your past W-2 or 1099, contact your current or past employer for copies of this information.
Find any missing documents: If you have missing paperwork or tax documents that cannot be found, you can send the IRS a request to send your transcripts of your most recent W-2’s, 1098, and 1099, along with other important tax information from the years you missed filing taxes. This is IRS Form 4506 which you can request.
Use appropriate forms to file past taxes: Most people e-file their tax returns for the current year or two previous years. For people filing over two years back, you need to download the prior year tax forms.
Submit your tax forms: After you have completed your tax forms and preferably consulted a tax professional, your next step is to submit your forms to the IRS. Once the IRS has your submission it may take them up to six weeks to process your returns. If you owe money you will receive a bill from the IRS with the exact among due with interest charges included.
These are just a few of the steps involved when filing a late return over 2 years. As mentioned above you should consult a tax professional to assist you in filing these late returns. For one, with a professional on your side we can assure the taxes are filed correctly and help you obtain any past deductions you are due. We are also experienced dealing with situations that may save you money and help limit how much you owe the IRS (if you do owe money). For additional information on filing past tax returns refer to the IRS website on tax topics.
You can also find more information on our resource center page or by contacting the Baton Rouge Tax Doctor or experienced financial and tax team.