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Tag: IRS penalties

Posts Tagged ‘IRS penalties’

Unfiled tax returns have you drowning?

Posted by admin on June 6, 2017
Last modified: June 16, 2017

Overwhelmed With Prior Year Unfiled Tax Returns?

While most Americans finish or have finished their current year taxes, others have stacks of unfiled tax returns from previous years. You may feel swamped with the pressures of work and within a blink of an eye, you wake up to find an IRS notice in the mailbox. Let’s face it, life gets busy. Nevertheless, you have forgotten about those prior year tax returns, but the IRS hasn’t. Here are some common questions for those taxpayers who are stuck in the mud with unfiled tax returns:

Should I file my Unfiled tax returns?

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How Far Back Can I File Prior Year Taxes?

Posted by admin on October 26, 2016
Last modified: October 3, 2019

So, you ran a little late and forgot to file a prior-year tax return?

Are you wondering if you can file a tax return all the way back, say, 6 years? The answer is yes, you can! This should not be confused with e-filing. The IRS has electronic filing available through October of the year your tax return is due. After that, taxpayers must paper file their returns; no exceptions. The good news? Paper filing your tax return is pretty much just as easy as e-filing. Instead of submitting your tax return online, you’ll need to print and sign it. Then, all you have to do it mail it to the IRS. Easy, right? You can file prior-year taxes dating back to 2005 with PriorTax.

File prior year taxes for 2005-2017 on PriorTax

By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Therefore, if you have not filed taxes from 2005, 2006, etc. it’s best do so now (or as soon as possible) on PriorTax.

How many years back can you get a tax refund?

The IRS Statute of Limitations allows you three years from the filing deadline to file your prior year return and claim your refund. For example, the last day to claim your tax refund for the 2016 tax year is April 15, 2020. The original tax deadline was April 15, 2017, therefore, you have three years from that date to claim your refund.

Keep in mind that they also have the same amount of time to audit you and up to ten years to collect any unpaid tax. Be advised, the IRS is allowed to hold your refund or take a portion of your refund to pay any past debts.

How to get started filing prior-year tax returns now

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Can I File My 2009 Taxes Online?

Posted by admin on October 20, 2016
Last modified: August 29, 2019

You can prepare your 2009 tax return online with PriorTax.

Once, a long time ago, 2009 tax returns were due on April 15, 2010.

If you’ve been putting off filing your 2009 taxes since that initial deadline, you may wonder why you should bother filing at all?

There are a couple of good reasons you should do it.

For one, the IRS has 10 years to collect on any tax you owe. For two, tax penalties for filing late increase by the day and, by now, they have really built up. The longer you wait, the worse the situation.

The good news is that you can still prepare your 2009 taxes online with PriorTax.

Will I Owe the IRS Late Penalties?

If you owe the IRS from the 2009 tax year, plan on paying late penalties. These late fees include:

  • Failure-to-file: 5% of your tax due total for each month your return is filed late, up to 25%
  • Failure-to-pay: ½ of 1% of your unpaid taxes for each month or part of a month left unpaid

The penalty for filing late can be ten times worse than the penalty for paying late. At the very least, file your 2009 return as soon as possible. Then, contact the IRS to arrange to pay your tax bill. They can set up an installment plan that will work for you. (more…)

Can You E-File A Tax Return After the October Deadline?

Posted by Michelle O'Brien on October 20, 2016
Last modified: December 16, 2016

Sorry if you missed that train. But you can still prepare your late return online.

You cannot e-file a prior year tax return. However, you can prepare prior year returns on PriorTax and send your printed return copy in the mail, to the IRS.

You can only e-file a “current year” tax return between mid-January when e-file opens and mid-October when it closes, the year after the tax year in question.

Each year the IRS shuts down their e-file system come mid-October. This is why you will need to send in a physical copy of your return to the IRS.

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How to File Taxes without a W-2

Posted by admin on October 18, 2016
Last modified: November 2, 2016

It’s easy to lose your W-2 and just as simple to file without it.

E-filing your tax return these days is pretty straightforward. You just plug in the numbers on your W-2 to the online  tax application, take the credits and deductions you’re entitled to, and VOILA! Couldn’t be simpler.

But what happens if you don’t have a W-2? Suddenly things get a lot more complicated. Don’t worry. There are steps to take to make sure you get your tax return to the IRS.

Contact your employer

First thing’s first. Make every attempt to get the actual document itself. If your employer didn’t send you one, or sent you one that was incorrect, contact them and request that they send you the right one.

Employers are required to have W-2 forms issued to their employees by January 31. If you still don’t have it by then, it’s time to take additional action. At this point you should call the IRS at 1-800-829-1040 and tell them about your missing W-2. They will call your employer and tell them to send you the W-2.

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7 Tax Updates for 2016

Posted by Michelle O'Brien on December 11, 2015
Last modified: December 21, 2016

5…4…3…2…1….. Happy Tax Season 2016!

With the new year comes promises to lose weight, shiny new engagement rings, and of course…annual tax updates. While most tax laws remain consistent from one year to the next, there are some that change.

We are here to share a sneak peek of 7 tax updates coming your way for 2016. Let’s get started.

 

1. Tax Day is April 18th this year.

Since April 15th falls on Washington D.C. Emancipation Day, the tax deadline date will extend to the following Monday, April 18th. Are you among the lucky ones living in a New England state? Extend that deadline one more day to April 19th.

 

2. Tax penalties related to Obamacare are increasing yet AGAIN.

If you’ve reached the ripe ol’ age of 26, then you’re familiar with health insurance and the recent changes to it via Obama. For those without coverage last year, a penalty of $285 (or 2% of income above the filing limit) was billed to them. Still don’t have coverage for 2016? If you don’t apply for an eligible health care plan, then the tax penalty could hit an all-time high of $695 per adult (or 2.5% of income).

 

3. The Earned Income Credit is increasing.

2016 brings a small but modest increase to the EIC. If you are a taxpayer with three or more qualifying dependent children, then the maximum credit will be increasing by $27 to $6,269. For those with two dependent children, your maximum will be increasing by $24 to $5,572. For those taxpayers with an only child, you can receive a maximum of $3,373 which is up $14 from 2015. No kids to worry about? You’ll still get an increase of $3 from last year which will leave you with $506 for 2016. (more…)

What’s the Penalty for Filing Federal Taxes Late

Posted by admin on March 4, 2009
Last modified: October 2, 2019

late filing penalties

Taxes take a big bite out of your income, but that bite gets bigger with the addition of late filing penalties.

How much bigger? It depends on what you’re late on, and how late you are.

For example, there are penalties for late filing, not paying at all, and both can be combined.

Here are some facts.

Taxpayers with refunds can file late without penalties. In other words, only taxpayers with a tax due to the IRS face penalties. (more…)