Whether you are self-employed or have a regular job, sometimes people fail to file their tax returns on time. If this is the situation you find yourself in, it is highly recommended that you catch up by filing past due returns as soon as possible. Ideally, you should utilize professional tax services in Tarpon Springs to ensure you do not miss a thing.

When Refunds Are Due

For taxpayers in Tarpon Springs who are entitled to a refund, you only have three years from the date your taxes were due to claim your refund. In this case, no penalty is incurred, so the sooner you file, the better.

Late Taxes

You should file your taxes immediately if you did not submit them because you owed money and could not pay. The longer you wait to file through a tax services company, the more you will end up owing to the IRS. Unfortunately, interest due on unpaid taxes accumulates daily until you file.

What Do You Need to File?

You will need the following documents if you need to file past due tax returns:

  • 1099’s or W2 forms for the years you did not file. You can obtain transcripts from the IRS by submitting Form 4506-T Request for Transcripts of Tax Return.
  • A Record of Deductions. For itemized deductions, make sure you have a copy of receipts for items you plan to deduct.
  • Correct Instructions and Forms. Utilizing professional tax services will ensure you use the proper year’s instructions and tax forms when filing past due returns. Alternatively, you can download forms on the IRS website.

The IRS will take approximately six weeks to process once you have filed your past due return. You should include any amount of money you can afford when you file if you know you owed money. You will be issued a tax bill for any penalties and interest you owe them once they have completed the process. Be sure to contact a tax services company in Tarpon Springs for help with setting up an installment plan if you are unable to pay the full amount.

BizBooks4U Tax Services in Tarpon Springs

Call BizBooks4U in Tarpon Springs at (727) 939-1044 or contact us for help with setting up an installment plan if you do not have the funds to pay the full amount. We will answer any of the many questions you are bound to have during the complicated process of filing past due returns.