Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 01-16-2009, 03:50 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Question Do you owe the IRS a Prior Year Return?

Don’t delay; file your prior year return now! The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund.

If you owe taxes, a delay in filing may result in a failure-to-file penalty and interest charges. The longer you delay, the larger these charges grow.

If you are due a refund and don’t file you could lose your refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is generally three years after the return due date.

There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe, you just keep putting it off or simply forgot. Whatever the reason, it’s best to file your return as soon as possible. If you need help, even with a late return, the IRS is ready to assist you.

Here are some steps for filing your prior year return:
1. Gather prior year tax return information. You will need Social Security numbers, income information and records for expenses, deductions and credits.

2. Determine if you have a filing requirement. Whether or not you must file a tax return will depend upon a number of factors, including your filing status, age, and gross income. Individuals who are entitled to the Earned Income Tax Credit must file their return to claim the credit even if they are not otherwise required to file.

3. Get forms and publications. Make sure you get the forms and publications for the year of the tax return you are filing.

4. Prepare your tax return. Complete, sign and date your tax return. Be sure to attach any required schedules and forms.

5. Mail the completed and signed prior year return to the correct address. Mailing a return to an incorrect address can delay the processing of the return.
If your income was $42,000 or less, your local Taxpayer Assistance Center may be able to assist you in preparing your prior year return. You can locate your nearest center at http://www/irs.gov/localcontacts/index.html.

For more information on how to file a tax return for a prior year, visit the IRS Web site at IRS.gov or call the IRS Tax Help Line for Individuals at 800-829-1040.

Links:Source: irs.gov



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is the tax treatment for distributions for prior retained earnings? Leah S-Corporation 0 05-28-2008 04:20 PM
What can I do if some prior year 1099-MISC income was omitted from a 2006 tax return? Pearl Income 2 05-14-2008 09:54 PM
I owe prior year federal income tax liabilities, will my rebate check be affected? TaxGuru For 2008 0 03-11-2008 12:14 PM
How can I get a copy of my prior years tax return? Wayne Miscellaneous 1 02-19-2008 04:01 PM
How can a taxpayer request copies of prior year tax returns? TaxGuru General 0 12-03-2007 10:39 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.