How To: File Past Tax Returns (And Save Money!)

In their lifetimes, many Americans will find themselves in this situation: receiving a letter from the IRS telling them they owe past tax. The truth is, we all forget things, including tax deadlines. Or, we’re not aware we qualify to file for taxes. Whatever the reason, it’s important to know how to file past tax returns–because it’s not as scary as you might think.

Here are some ways on how to file those past returns and get out of tax debt as soon as possible!:

• Use an online service. An online past tax preparation (such as this one) are a great place to start when you need to learn how to file past tax returns. An online filing service tends to have faster turnaround than any other method, and can also conveniently be done in one’s pajamas or late at night.
• Pay for a tax preparer. Tax preparers are well-versed in the intricacies of tax law, and so are a good resource to go to when you’re having tax issues. And if you want to learn how to file past tax returns with your specific issues, they can be the best place to turn. Unfortunately, they can also be the most expensive option and so are best to turn to only if your issues need a lot of help.
• Do them yourself. Of course, you can always learn how to file past tax returns by doing. If you try doing them they old fashioned way–with a pen, paper, and calculator, you’ll definitely up spending the least amount of money. That said, you’ll probably spend the most time learning how to file past tax returns this way and it can be a lot slower than the other methods (and more prone to error). But if you have time, little money, and a lot of patience for IRS guides this might be the best method for you.

The most important thing to do when you’re learning how to do past tax returns is to just do them. The longer you wait with your returns, the longer you incur interest on your debt. And if you’re actually owed money by the IRS, the longer you wait means the less money you’ll get back. So don’t delay!

Photo via JD Hancock on Flickr.

This entry was posted on Thursday, May 23rd, 2013 at 8:47 pm and is filed under Tax Tips and Tricks, 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.