R
Rand
Guest
thru sheer stupidity and procrastination, I have not filed fed, state or local tax returns for several years. I need help and advise. How do I even start to correct this situation I have put myself in?
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David J. Miller
Guest
If you were to receive a tax refund for each of those years, you will not be penalized. In fact, the IRS does'nt care if you don't file when you are due a refund.
Will you be itemizing deductions or filing EZ forms? To itemize you'd either need to own a home or own a business where losses/expenses exceed standard deduction?
If you are filing 1040EZ it should not be too difficult. Gather all of your W2s, 1099s, interest statements etc... Go to the public library and obtain blank 1040 EZ & state returns for each of the years you did not file and follow the instructions. There may be some time limit on being able to collect on past years tax refunds, but I'm not sure. If you do not have your W2s, contact each and every employer you worked for. They will be able to supply these to you. If you intend on itemizing deductions, I would be very cautious. This may trigger an audit.
[Edited by David J. Miller on 12-08-2000 at 01:25 PM]
Will you be itemizing deductions or filing EZ forms? To itemize you'd either need to own a home or own a business where losses/expenses exceed standard deduction?
If you are filing 1040EZ it should not be too difficult. Gather all of your W2s, 1099s, interest statements etc... Go to the public library and obtain blank 1040 EZ & state returns for each of the years you did not file and follow the instructions. There may be some time limit on being able to collect on past years tax refunds, but I'm not sure. If you do not have your W2s, contact each and every employer you worked for. They will be able to supply these to you. If you intend on itemizing deductions, I would be very cautious. This may trigger an audit.
[Edited by David J. Miller on 12-08-2000 at 01:25 PM]
R
Rand
Guest
past due tax and filing
Thank you for that information, Mr. Miller. I took care of local taxes today. It was bearable considering how idiotic this whole procrastination thing of mine is. Next will be state and fed, on my next day off. Reading these postings has been most informative. I should have had fed. refunds each year as well as, earned income tax credti too. I will keep my fingers crossed. Thank you again.
Thank you for that information, Mr. Miller. I took care of local taxes today. It was bearable considering how idiotic this whole procrastination thing of mine is. Next will be state and fed, on my next day off. Reading these postings has been most informative. I should have had fed. refunds each year as well as, earned income tax credti too. I will keep my fingers crossed. Thank you again.
W
wowie
Guest
I am not a CPA or an attorney. . .
As you are beginning to go back and file your returns keep in mind one thing. . . the tax agencies are MUCH more lenient on you if you file your current ones. I would put emphasis on getting 1999 done ASAP and do not even file for an extension for 2000. . . get it in as soon as all of your information is accessible.
As far as the old returns for federal and state, I think that after 3 years you can no longer get a refund, but you can still owe the tax. . .just like the government
I do believe that even if you are filing a return that has a refund that you will be penalized for forfeiture, filing late, and interest on the penalties. BUT, they might pay you interest on the refund.
If you have the funds, I would consult a CPA in private practice. He or she could help ease the burden of finding the old forms and contacting the agencies. Despite their bad rap, CPAs are funny people. They are just misunderstood
As you are beginning to go back and file your returns keep in mind one thing. . . the tax agencies are MUCH more lenient on you if you file your current ones. I would put emphasis on getting 1999 done ASAP and do not even file for an extension for 2000. . . get it in as soon as all of your information is accessible.
As far as the old returns for federal and state, I think that after 3 years you can no longer get a refund, but you can still owe the tax. . .just like the government
I do believe that even if you are filing a return that has a refund that you will be penalized for forfeiture, filing late, and interest on the penalties. BUT, they might pay you interest on the refund.If you have the funds, I would consult a CPA in private practice. He or she could help ease the burden of finding the old forms and contacting the agencies. Despite their bad rap, CPAs are funny people. They are just misunderstood
R
Rand
Guest
Thanks to both of you, good advice, which I will act on.
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