Preparation of Previous Year’s of Tax Returns Tucson Arizona

Have you have not filed taxes in a year or two…or three?
Are you afraid there will be too many fees so, you just don’t file?
Do you think you may be in too much trouble with the IRS to file?

With Tucson Tax Help, there is no need to fear. We can help you with the preparation of previous years taxes. The law states that if you make money, you have to pay taxes. Yearly millions of people do not prepare their taxes and most of them don’t do it because they are afraid they owe too much and can’t afford it.

There’s a lot fear and terror about the IRS. The truth is, the IRS wants to hear from you so do not be afraid. They are more than willing to work with you and the tax service to get your previous taxes filed. People will often ask, what happens if they don’t file a return?

If you don’t file a return, the IRS will send you a request to do so. They do it with a process called a substitute return. What this means is they take your reported income, calculate your worst case tax liability, and mail you a bill. They are more than happy to do this if you owe them money, so you might want to hire a tax professional to avoid this.

There are fines and penalties the IRS can impose on you. The first one is Failure to File Penalty. With this penalty, the IRS will charge someone owes taxes and did not file. This penalty is 5% of the total balance for each month that has passed since the taxes were due, and the penalty can be up to 25% of the total balance. Another penalty is Interest Penalty where the interest on unpaid balances is 4% annual interest on unpaid balances, and finally there is the Failure to Pay Penalty and this penalty is 0.5% of the total balance for each month that has passed since the balance was due. If you simply forgot to file your taxes and was expecting a refund, you only have three years from the due date or the extended due date of the tax return to recieve your refund, or you lose your refund.

The best way to avoid a substitute return, penalties, liens and even criminal charges is to file your taxes. If you feel like you are not prepared, and don’t have all the documents together, or like many, just procrastinated, then file an extension This gives you time to get ready, and it shows the IRS that you are paying attention and you want to file your taxes.

It is important when you are dealing with previous taxes to hire a skilled Tax Professional. We have the knowledge, skills and know the tax laws. This allows a skilled tax professional the ability to negotiate with the IRS and work with them to help you with a delinquent filing. Call today for a free consultation and let Tucson Tax Help prepare your previous year’s tax returns.

Robert W. Studinger CPA - 7407 E. Tanque Verde Road Tucson, AZ 85715 - (520) 733-1484