How to File Late Taxes
If you forgot to make the filing deadline, there’s no need to worry. After all, you’re not the only one. The good news is that you’ve taken a step in the right direction if you want to know how to file late taxes. We’ve spent a great deal of time and resources to make taxes as easy as possible; and even if you missed the deadline, there’s a way to file without too much liability.
Knowing Your Expected Liabilities
If you owe taxes and don’t pay by the deadline, you could incur penalties over time, but none will be incurred if you’re getting money back. It’s important to know what financial liabilities for which you’ll be responsible. That way, you can take the necessary steps to lower your costs.
You need to get all your documentation together. Not only will it help you file, but it will also help you determine how much you owe. This includes any 1099’s, W2’s, and receipts for any deductible expenses. If you need help understanding what types of documentation you need, be sure to speak to an expert CPA.
Having the right documentation will make sure you know how to file late taxes, so the IRS won’t have any reason to add any extra charges to your account.
They can add up quickly, and ignoring it will only make it worse. So, you need to act if you want to reduce your liability.
Finding Missing Documentation
If you’re missing any tax records, you can always file Form 4506-T (A Request for Transcript of Tax Return). You can pull any past returns you’ve filed in the last ten years. This is one way for you to retrieve any missing documentation.
This form can only be used for lost 1099’s, W2’s, 1098’s, and other forms that provide accurate information about your earnings and eligibility to file. It will help you gather any evidence that could determine your filing eligibility, which is exactly what the IRS wants from taxpayers who are late filing taxes.
Know Whether You Need an Accountant
If you want to know how to file late taxes while eliminating the hassle, an accountant can give you what you need to feel confident when the IRS comes to collect its due.
A qualified tax professional will allow you to stay on top of your taxes, so you can avoid any late-filing penalties.
If you decide to hire an accountant, feel free to get in touch with GLG Accounting. We have helped many businesses and individuals who need help in filing late taxes without taking on any unnecessary liability. Our staff is committed to providing our clients with quality service, and we want to give them the results they’re looking for.
If You’re Not Able to Pay Any Overdue Taxes
If you’re not able to pay because of an economic hardship, the IRS will let you file an extension. It will make sure you’re not charged any extra penalties, and can also help you buy some time so you can pay any overdue taxes.
You don’t want to ignore the problem, because it will only make matters worse. It can also result in extra liability that can add up over time, and the IRS has the power to destroy your finances. Any bank accounts, property, or assets are at risk if you don’t take action.
Hiring a Professional On How to File Late Taxes
The IRS may make what seems like a good offer, but it may be less than what you’re eligible for. If you want to lower your tax liability, you need an accountant that has experience in how to file late taxes. It will help you to get what you need, because the IRS is only looking out for its own interests.
You should present any documentation to your accountant, and you should make him or her aware of your situation. That way, he or she can do what they can to look out for your best interests. The more they know about your circumstances, the better.
If you want to find one of the best accountants to help you know how to file late taxes, get in touch with GLG Accounting today! We have the knowledge and experience to give you nothing but the best in tax resolution!