How Do I File An Old Tax Return?
Fortunately, it is never too late to file an old tax return, and in fact if you do so before the government finds you, you will not be prosecuted. You can file an old tax return even from ten or twenty years ago, with all forms that are needed to do so available online. There are several reasons, aside from the possibility of prosecution, why you should try to file an old tax return as soon as you can. The longer you wait to do so, the more penalties you will incur; interest will also increase. If the government initiates a “Substitute for Return” before you are able to file, additional taxes may be taken out of your wages or your bank account and your taxes will be higher.
Getting Help When Preparing To File An Old Tax Return
Depending on the complexity of your situation, you may find it beneficial to hire a tax professional to help you file your old tax return. Even though you will have to pay for their services, the savings they will help you make will usually more than make up for the amount you have to pay. They are also very helpful in situations where you need to pay a lot of back taxes as they can negotiate a settlement for you.
Steps To Take In Order To File Old Tax Returns
You will need to locate all pertinent documents, such as old W-2s and old 1099 tax documents. You may not have these documents on hand; if not ask your old company to provide them for you, or check with the government as they would have copies on hand. Next, you need to download the appropriate tax return forms for each year you are filing for; forms are found online on the government website. Finally, find a good tax specialist and have them assist you in preparing your old tax return.