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Thursday, May 18, 2017

Filing Past Due Tax Returns


  

It is in your best interest to file all tax returns that are due, regardless of whether or not you can pay any tax due in full.

 

Here's Why You Should File Your Past Due Tax Returns...NOW

 

1-Limit interest interest charges and late payment penalties.

 

2-Avoid the risk of losing a tax refund you were due.

 

3-Protect Social Security & Disability Benefits

 

4-Avoid issues obtaining loans.

 

What Happens If You Don't File Voluntarily?

 

If you fail to file your tax return, the IRS may file a substitute tax return for you...one that will be the worst of all worlds since they will report only income and no, exemptions, deductions and tax credits you may be entitled to.

 

If You Need Information To File A Prior Year Tax Return

 

If you need wage and income information, complete Form 4506-T Request for Transcript of Tax Return, and check the box on line 8. This way you be be sure you are reporting all income when you do file your tax return and avoid having the IRS sending you a notice for unreported income.

 

 

This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor


 

 

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