How to File Multiple Tax Returns
Many Americans find themselves getting contacted by the IRS for not filing their tax returns for several years. Most people tend to panic at this point and will often not file their taxes in the future due to fear of getting in deep trouble with the federal government. Filing your taxes is a must, even if you have missed a few years, and is a problem that needs immediate attention. If the proper steps are taken, the IRS tax debt that has accrued from not filing your taxes can be cleaned up quickly and almost painlessly.
The first step to filing multiple returns and getting information regarding your IRS tax debt is to figure out what years you did not file your tax returns. The most effective way to find this information is to contact the IRS by phone and ask them what returns are missing. After giving the IRS phone operator your identification information, they can tell you what years you have not filed a tax return.
Next you will have to dig through all of your financial information and records for each year you are missing. Look through all the information regarding all sources of income you had that year and what you spent your income on. Go through all of your income information and find out what type of deductions you qualify for. This would include business expenses, dependents, and other types of deductions.
Contact a tax professional to help you fill out your tax returns. Doing multiple tax returns yourself can be difficult and you could make costly errors, so it is recommended that you seek professional help. Once all the appropriate forms have been filled out and signed, you can mail them into the IRS. Once the forms have been processed, the IRS will contact you via mail about the IRS tax debt and late penalties you owe. From here you can either pay the amount of the IRS tax debt in full or arrange monthly payments that will help you pay off the entire debt within a two year time period.
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