How to file Back Taxes
- Author Joseph Cottle
- Published April 27, 2012
- Word count 408
Will, a self-employed plumber from Dallas didn't file his tax returns. Last May, he lost his records in a flood, and had not found time to fret about it because his sub-contracting work was finally picking up. Luckily, the IRS had not seemed to notice, which allowed Will to ignore the his unfiled taxes completely.
Nearly 6 months later, the IRS sent a notice through mail. Will put it on the kitchen table and made a mental reminder to read it later that day. In spite of this, a new customer needed the addition to her house complete as soon as possible, and Will's wife was pestering him to finish their new garage. Soon, the notice was lost under papers and work on the table, and it had been again forgotten, He did not bother to learn how to file back taxes
Months passed and business continued to prosper. The IRS began mailing certified correspondence, but Will and his wife ignored them because they simply did not have any time to take a look at them. Eventually, Will decided to get a bookkeeper to figure out the numbers on his taxes for him, but he quickly lost track of the progress. The correspondence continued to appear up in their mailbox, but Will was perplexed because he understood he had taken care of the problem.
Finally, Will picked up a notice on a Saturday morning to find out what was going on. He was astounded to learn that the IRS said he now owed over $500,000 in taxes. He reread the notice several times, but each time it said the same thing. Feeling sad, confused, and humiliated, Will hid the letter in his workshop, hoping that his wife wouldn't find it before he had an opportunity to handle it it.
Because Will didn't file his tax returns, the IRS filed and prepared his tax returns for him and claimed he earned more and owed a lot more than he actually did. What Will did not know however, was that he still had a an opportunity to solve the problem. All his missing books were able to be reconstructed so that his unfiled tax returns could be legally prepared by a genuine tax attorney. The tax attorney prepared, filed his missing tax returns and this would allow his total taxes owed to become drastically lessened and he would have a probability to negotiate the debt down according to his ability to pay.
For more information on how to file back taxes, contact the IRSmedic.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- 10 essential tax-saving strategies for landlords: Maximise your rental income
- A Comprehensive Guide to Navigating the Process and the Role of Customs Brokers in the UK
- Outsourced Accounting Services for UK Businesses: A Cost-Effective Solution for Financial Management
- Top 8 Self Assessment tax return software
- How to Close a Limited Company in the UK
- Maximizing Your Finances: Unleashing the Power of CPA Services
- VAT penalties – New rules
- TAX-FREE STRATEGIES IN AN UNCERTAIN ECONOMY
- 2022 Energy crisis and failure to connect Reality.
- When Are Corporate and Personal Taxes Due in Canada in 2021?
- You Would Never Have Thought That Having Accounting Internship Could Be So Beneficial
- ACTIVATION OF UAN
- Focal motivations behind getting a Tax direct for Small Business Firms
- Avoiding the flood — tax issues with water rights in agribusiness
- Social security benefits for a family (COVID-19)
- How to use QuickBooks Component Repair Tool?
- Do you want to reduce your taxes for next year?
- Will you be responsible with your tax refund?
- Getting started with QuickBooks Enhanced Payroll in Brief
- Are DSTs Right For Your 1031 Exchange
- Tax Return Makeovers By Kenya Woodard
- Why have all crypto tax attempts failed?
- Are You a Corporation? Know Why Consulting a Tax Accountant Is Vital
- Share capital or share premium for your Dutch company?
- Everything investors should know about 1031 sponsors
- Why is the income tax so high in UK?
- Should I do my own tax return?
- Get More Money Back on Your Tax Return with help from the Tax Cuts and Jobs Act
- Don’t Fall Victim to these 3 Tax Scams in 2018
- Find Out If 72(T) Penalty Free Income Is a Solution for You