It can be scary to fall behind on your taxes as the IRS can be quite harsh when it comes to delinquent or unfiled tax returns. However, there is some good news even for those who have not filed for a long time. Los Angeles taxpayers, here are a few tips that will help you get a handle on your delinquent tax returns and put yourself right with the IRS. Call us to help you get compliant at 1-877-788-2937 today.Start With Your Records
This means pull together all your records for the past several years, including W2s, 1099 forms, interest that you paid on your mortgage, stock sales, or interest on dividends and so forth. Remember, if you do not have the forms, that’s fine, you simply want to gather what you have, we can help you obtain all your wage and income records. We assist local taxpayers in Los Angeles area and all 50 states as well.Six Years
For most individuals, the requirement is that you have the last six years’ worth of tax returns filed so that you are considered compliant. So, even if you have not filed for seven, ten, twenty years or more, just work on the last six years for delinquent unfiled tax returns unless the IRS says otherwise. Call us to help you get compliant at 1-877-788-2937 today.Self Employed Income
Here, you will need to find 1099 forms and any income that would be indicated from bank deposits, credit card sales and the like. You can also look at your business related expenses over that time to see what you have earned and saved when you were not filing tax returns.IRS Forms
The IRS will have its own investigation to see what you earn and what you owe. You will need to make your best effort to piece together your income for the delinquent and unfiled tax returns over the past six years. We assist local taxpayers in the greater Los Angeles area and all 50 states as well.Filing Returns and Negotiations With the IRS
Now that you have everything ready, you can file with the IRS your tax returns complete with the appropriate information over the past six years. You should also pay what is owed if you can and then work with the IRS if you cannot. For negotiations with the IRS, your income level will be assessed, including living expenses, debts, and assets. Depending on how much you owe and your current income level, the IRS may lower the overall amount or even consider you in financial hardship which places the debt as uncollectable. Filing for bankruptcy, or an offer in compromise, could possibly minimize or eliminate the tax debt from your record. Call us to help you get compliant at 1-877-788-2937 today.When in Doubt, File the Gross Return
This means that if you cannot find or reconstruct all the records, you may find yourself owing more than you can pay, so go ahead and file a return based on the gross of what you have earned. You can list your income, but leave out the expenses and then turn to collecting solutions for assistance.
While it may sound dire at first, the truth is that the IRS is not all that harsh with unfiled tax returns if you make a good faith effort to put in all the information that is needed for the past six years. Here, you will need professional tax assistance and representation so you can negotiate properly and get the best deal possible.
For reliable back tax help, call us today at 1-877-78-TAXES [1-877-788-2937] to settle your back tax debt. We represent taxpayers in all 50 states.
Or boutique tax representation service firm led by Mike Habib serves clients in greater Los Angeles, Santa Monica, Beverly Hills, Whittier, Pasadena, Lancaster, Long Beach, Santa Ana, Irvine, Newport Beach, Orange County, Inland Empire, San Bernardino, Riverside, Corona, we offer nationwide tax settlement service through offer in compromise.