To file unfiled taxes with success you need to know what steps to take. If you are not interested in learning you will need to hire a top notch professional who knows what it takes to file back taxes with success. Most people in this position find that they can easily take care of unfiled taxes once they know the steps that need to be taken and in what order.
Organize all your documents. You have to be organized to file unfiled taxes. What years do you have to file for? Do you have all the information you need such as W-2's and receipts? These are the types of questions that you need to ask yourself.
Prepare your tax return. If you are up to doing it yourself, this is when you will sit down to prepare each return that you missed. How long does this take? For most people, one return will take approximately two hours.
Determine if you owe money or will be receiving a refund. There is no way of knowing this until your return is 100 percent complete.
Do you owe any money? There is a good chance that you may receive a refund from one of your past returns. But if you owe money on another, you need to take this into consideration. As long as you are organized you will be able to see exactly what you will be receiving or what you owe.
Prepare for a better future. No matter the outcome of your unfiled taxes you should prepare for the future to ensure that you do not run into this situation ever again. It is safe to say that filing back taxes is hard, stressful, and boring. Do you really want to do this again?
These five steps can help you file unfiled taxes today.