2015 Tax Return
April 17, 2016 was the original filing deadline for 2015 tax returns, but you can still file a late tax return.
Do you have questions about filing your 2015 tax return?
Taxes can be overwhelming and expensive, especially if you’ve fallen behind. Read on to find out how we can help.
Who has to file tax returns?
There are a number of factors that determine whether you need to file based on filing status, amout of income, sourc of income, disability, etc. Contact us today to find out if you should file at 844-774-8829.
When to file late tax returns.
To get a refund you have 3 years to file late federal and state tax returns. Getting them filed doesn’t have to be scary if you owe the IRS. The sooner you file, the more likely you are to avoid added penalties for taxes owed.
Where do I file?
You should contact us to file your tax return before the IRS contacts you. We can help you get back on track before the IRS starts threatening your bank account. You’ll avoid stress, pressure to pay and most of all…penalties. We can also direct you to find the best address for filing your late tax returns.
How do I find lost records?
The first thing we do is ask you for any documents you may have. Don’t worry if you’ve lost your documents. By using IRS form 2848 (power of attorney), we can request a list of your transcripts, data, and filing history. We also look to see if the IRS already filed tax returns for you. This is called a Substitute for Return or SFR and means that the IRS has taken wage and other income information to prepare your tax return. The IRS does not usually include proper filing status, dependents, itemized deductions, or any other tax benefits. As a result, you will usually owe more than you would have if you had filed on your own.
Transcripts, along with bank and credit card statements will help us re-create your books and build a reliable record of your financials. We can then use this information to file your tax return. Once filed, the IRS will assess the return.
Your Filing History
Look at your filing history helps us to see your track record and devise a plan that will be the most beneficial to you. For example, if you have a good 20-year filing history except for the last 3 years of unfiled taxes due to health problems, etc., you may have a good chance at getting penalties waived. Knowing your filing history can also help us resolve other tax matters like IRS notices, collections, and federal tax liens.
Penalties for Unfiled Tax Returns
If you have a Failure to File penalty, the IRS will add on a percentage, usually 5% of the unpaid tax amount that you owe each month up to a maximum of 25%. If you file your return more than 60 days after the due date or extended due date, the minimum penalty for late filing is the small of $135 or 100% of the unpaid tax.
If you have a Filure to Pay penalty, the IRS will add on between .5% of the unpaid tax amount you owe each month.
If the failure-to-file penalty and the failure-to-pay penalty both apply in any month, the maximum amount charged for those two penalties that month is 5%.
Can I e-file?
The extended deadline for the 2015 tax year was October 17, 2016. Sometimes, late tax returns can be e-filed, but give us a call to see if the electronic filing option has passed. If e-filing your return isn’t available, you can still start a paper return today by calling us.
Am I going to jail because I haven’t paid my taxes?
It’s possible but not very likely when you work with us to get caught up on your taxes. We have proven strategies and expert knowledge when it comes to IRS tax guidelines and laws. You deserve smart solutions and peace of mind. Call us today 844-774-8829.