| There is always a way out and a better one than that | | | | accumulated penalties and interest over the past |
| of hiding from the IRS that only adds to upto ones | | | | years or owe additional taxes. This is where your tax |
| troubles. Here are a few steps you need to follow | | | | consultant plays a vital role in suggesting you the best |
| when you need to file a past return: | | | | option. |
| 1. Find out the last time you filed your tax returns- | | | | 4. Get rid of your debts- If you owe the IRS money, |
| This will help you determine what documents to | | | | pay it right away. In case, it is not possible for you to |
| accumulate. Ensure you find everything from your W-2 | | | | pay in lump sum, you could opt for an installment plan |
| to other tax documents. In case, you are unable to find | | | | financed by the IRS or any other source of funding like |
| your past W-2, you need to go to the Social Security | | | | a credit card or bank loan. |
| Administration. | | | | 5. Prepare for the future- Ask your tax consultant to |
| 2. Consult a tax professional- A professional tax | | | | help you with reviewing your tax position and plan |
| consultant would be the best person to help you deal | | | | strategies to reduce your taxes, so that you are able |
| with unfiled taxes, as it involves many complexities. | | | | to meet other financial goals effectively. |
| 3. Read the preparation process thoroughly- Until you | | | | It is always advisable to act quickly in case of an |
| file your returns you wouldn’t know if you owe the | | | | unfiled tax, as there are fines and other legal hassles |
| IRS money or will be receiving refund. It is quite obvious | | | | attached to it. The quicker you pay them off the better |
| that your refund may not last long if you have | | | | are your chances of avoiding the penalty associated. |