Q&A of the Week September 21, 2022

Question:

What should I do if I haven't filed my taxes for years?

Answer:

First, make it a goal to file as soon as possible to avoid even more significant fines (or even jail time!)

Second, gather the papers and documents you need for each year that you did not file a tax return. This may include W-2 and 1099 Forms, interest income, mortgage interest statements, the last tax return you filed, letters and notices from the IRS, and business expenses and income (if self-employed.) If you don't have copies of these documents, you can ask your employer to provide copies and you can also request them from the IRS.

Third, if you find that you are not able to pay the taxes you owe, you can make a payment plan with the IRS. This is a better option than continuing to incur additional fines!