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| *The Commerce Journal>>>United States Taxes |
I somehow forgot to file returns the last two years. Am I going to be able to file this year? |
I should be getting a decent refund this year but am not sure what would be the best steps for me to take here. Any help is much appreciated! File for 2007. Keep in mind the IRS may hold your refund until you file the missing tax returns. This especially true for married couples with kids that itemize or small business with a lot of expenses. The IRS computer will look at income, standard deductions and your exemptions only when deciding if it's missing a tax return. Dependents, itemized deductions and business expenses don't exist until you claim them. You need an experienced tax preparer to work this out for you. You won't get a refund if you owe taxes for the years you did not file. You need to speak with a tax professional. Because you are going to have to file back returns for the last two years. You can try to file for just this year, but believe me, the IRS will come looking for their money. It's best to be proactive in this situation and take the hit now, rather than wait until additional penalties pile up. `yes you can still file look in your phone book for tax help or contact the irs Do you happen to know if you had a refund coming or if you owed?? You'll be fine if they owed you - you can file as far back as 3 years with no penalty and still receive your refund. If you owe, you will be assessed penalties and interest. Those dues will be deducted from any monies due you before you get a check. Follow the link below for more info - you can also access prior years forms and publications at this site. Theoretically yes, however if you were due a return from previous years you are required to report it on your current return so you might have to complete an ammended return when you file your past returns (highly reccommended). How do you "somehow forget" to file? |
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