Can I File My Past Year Tax Return Now?

Filing past year taxes is much easier than you think – and you might even get a refund!

Doing taxes every year can be a heavy burden for a lot of taxpayers. Even if they are eligible for a refund, the time and energy it takes to do them can create great difficulties. Perhaps that has been you–perhaps you got an extension, but maybe you didn’t and now you’re not sure if it’s possible to file a past year taxes return?

Fortunately, it is. And as the new year approaches, the more it’s recommended. Once the new year approaches we will have ended another IRS fiscal year, which only increases your penalties and fines. So here’s the best way to file past year taxes returns now:

• Figure out what years you owe for. Before you file your past year tax return, it’s a good idea to know which years you need to file for. If you’ve only missed one year of tax filing, this will be an easy step. But if you’ve missed multiple years, it’s a good idea to double check which years so you don’t spend time working on the wrong forms. You can do this by contacting the IRS, or checking your own records.
• Find out how much you owe. When you have failed to file past year tax returns, you get hit with a failure-to-file penalty, as well as interest on the amount owed and other penalties. This means that your amount owed is often higher than the original amount. Knowing the amount owed can help you prepare for paying the taxes, as well as give you the ability to bargain for a payment plan. It should also be noted that many, many taxpayers are actually owed money by the IRS. Which means that filing old taxes is nearly always to your benefit.
• Decide how to file your past year taxes return. Once you have decided it’s financially viable to file your old taxes, it’s important to have a mode of attack. You can file the forms by hand, but doing past tax forms can be a trying, lengthy process. You could also use the services of a tax preparer who’s skilled at doing past taxes, but it usually makes more financial sense to file with an online past tax preparer. Once you’ve figured out how to file your past year tax return, the next step is a snap.
• Relax. Having tax issues can be a strain on anyone. But once you have dealt with them, it can be a huge relief. Having to file past year taxes is a big job, but with e-tax services it can go fast–and the sooner it’s done, the sooner you can stop worrying and start living life again.

Photo via martinak15 on Flickr.

This entry was posted on Monday, May 6th, 2013 at 8:53 pm and is filed under Taxes for Prior Years. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.