Key W Tax: Incometax & Finances

If you haven’t filed a tax return in a while, you may owe back taxes. It’s in your best interest to file returns for those missing years as soon as possible. The longer you wait, the higher your possible tax liability. The first step is to gather all of your information for each year you failed to file a tax return. Research thoroughly any missing information to be sure the return you file is correct.

Second, prepare your returns. You may need help at this point. Contact your nearest Tax office to set up an appointment as soon as possible with your Tax professionals.

You cannot e-file back taxes, so you must mail or hand deliver them (file each separately). If you mail them, send them via certified mail so you receive proof of IRS receipt.

If you owe money to the IRS, chances are you will also have to pay interest and penalties. The IRS can help you set up a payment plan if necessary.

The IRS will allow you basic living expenses in the event that your delinquent tax debt is substantial. The amount of living expenses you receive will depend on the size of your family and national and local standards. Basic living expenses include housing, utilities, transportation, food, clothing and out of pocket health care.

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