Even if you haven’t submitted a tax return in several years or if you’ve never filed one, you may always file one late. Since rebates typically expire after three years, you may not receive a tax refund as a consequence. After realizing your lapse in submission, focus on filing your late returns as soon as possible. Doing so will help you catch up with the Internal Revenue Service (IRS) and secure your future refunds.
If you’re unsure where to start, here are six tips for late filers of tax returns this 2022:
Tip #1: Don’t Put It Off Any Longer!
You should file your late tax returns as soon as possible, even if you don’t have all the financial information you need. Don’t wait until the year is over, or you’ll lose out on a potentially significant tax refund.
If you owe tax, don’t wait until the end of the year. Pay as high as you can afford the fees within the deadline, and pay the balance at a later date by filling out Form 1127.
Fill out the tax return that applies to you. If you can’t file because you don’t have the financial information you need, use a separate form that applies to your tax bracket.
Tip #2: Contact the IRS If You Need to File a Tax Return
If you owe taxes, you should file a return as soon as you can. If you’re not sure if you need to file or if you’ve never filed before, contact the IRS to find out.
You can call the IRS toll-free at 1-866-455-7438 (choose option 2), or you can contact them by email. You can use the IRS website’s “Tax Questionnaire” to ask questions about whether you need to file a tax return.
Tip #3: Check the Tax Year of the Form 4852 You’re Filing
Check the tax year on the top of Form 4852. It should match the tax year of the return to which it’s attached. Some versions of the form will have a year listed in the upper right corner of the form. If the year doesn’t match the return, you will have to get a new Form 4852.
Tip #4: Pay Your Taxes
You should always pay your taxes as soon as you can. Be aware, however, that you might have to pay interest and penalties on balances that remain unpaid. If you still owe taxes, the IRS will issue you a notification.
Tip #5: File Form 2350 to Extend Your Filing Deadline
If the IRS makes things difficult for you, you should file for an extension. You can file for an extension with Form 2350, “Application for Extension of Time to File U.S. Income Tax Return,” to file any of your overdue tax returns.
You may have to pay $108 if you’re filing for an extension with Form 2350, even if you don’t owe any taxes.
Tip #6: File an Amended Return for Any Changes That Need to Be Applied
You need to file Form 1040X for any amendments on your tax returns, such as if you made a mistake on your forms or need to provide additional information. If you received a W-2, 1099, or 1098, you also need to file this form, as well as if you received a refund after filing and an IRS notice.
Getting a late start on your taxes is not a good idea; it is better to get started immediately. Lastly, keep in mind that any tax extension you file before filing your tax return will simply provide you with more time to complete your return. It will not lengthen the period in which you must pay your taxes.
If you have any issues determining whether or not you are required to submit a tax return, you should contact the IRS.
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