Late Taxes: Reasons Why You Should File Your Late Taxes


Filing Late Taxes: Quick Tips Guide

filing late taxesIf you want to make any kind of agreement with the IRS, you need to be in compliance. A large part of this is making sure that all of your required tax returns are on file with the IRS. If you have any unfiled tax returns, it is imperative to get started right away completing and sending those. This page will instruct you on how to file late taxes, and why it is so crucial to getting into a more beneficial tax situation.

Why You Should File Your Late Taxes

There are three major reasons a taxpayer should file their late taxes. The first reason to file late taxes is that you cannot possibly get into a tax resolution until all of your required tax returns are filed. The second is that not being in a tax resolution leaves you open to all sorts of aggressive IRS action, such as levies and possible imprisonment. The last reason is that not filing required returns can cause a much larger tax debt than you otherwise might have acquired. Sometimes, it is the sole reason a tax debt is assessed at all. When you do not file a required tax return, the IRS often files a Substitute for Return for you. Substitutes for Return are always filed in the following fashion.

  • You will be filed as Single or Married Filing Separately, based on your marital status.
  • You will be allowed no deductions, tax credits, or dependents on your return.
  • You will be taxed at the highest possible tax bracket, which is double the average rate.

This leads to a significantly higher tax liability. However, your tax debt will be even higher. A Failure to File Penalty of 25% will be added. Then, a Failure to Pay Penalty of half a percent will be added for every day your tax debt goes unpaid. In addition to these penalties, interest will be added to your tax debt for every day you continue to have a tax debt. The interest rate fluctuates every three months, but is currently at 3%. When you file your late taxes, the IRS will replace your Substitutes for Return with your accurate returns. This will greatly reduce your tax debt, but is unlikely to eliminate it entirely.

How to File Late Taxes

You will need to obtain all of your financial records for the years you are filing late taxes. You can order your income transcripts by calling the IRS customer service line. You will also need the 1040 form, tax matrix, and information manual published by the IRS for each tax year. You can ask for these on the phone with the IRS or print out their PDF files on the IRS website.

Once you are done preparing your late taxes, you need to mail them to the appropriate IRS location. After the October extension deadline, you can no longer e-file your tax returns. So, this will not be an option. Your late taxes must be done on paper and sent by mail. There are many different IRS mailing addresses for every form and situation, and mailing your late taxes is as good as not having bothered with them at all. Verify the correct mailing address with an IRS representative, or look it up on the IRS website.

Do you need help filing late taxes? Consult a professional. Call now or fill out the form below for a free tax debt consultation to get your late taxes filed as accurately and efficiently as possible! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.


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