When you owe the IRS for previous years' filings, it's called "back taxes." It's important to know your options and rights when you owe them.
The IRS is typically willing to work with taxpayers who make an effort to get caught up on their tax filing obligations. Filing back taxes can help you avoid drastic IRS collection efforts.
Back taxes refer to unpaid taxes from the current or previous years. The IRS starts charging penalties and interest on late or unpaid taxes the day after the tax filing deadline for that year.
Learn how to file back taxes and limit penalties and interest charges if you missed a filing deadline or failed to pay your tax bill in full.
Key Takeaways ; You can file back taxes for any past year, but the IRS usually considers you in good standing if you have filed the last six years of tax returns. If you qualified for federal tax credits or refunds in the past but didn't file tax returns, you may be able to collect the money by filing back taxes. However, the IRS only allows you to claim refunds and tax credits within three years of the tax return's original due date. If you owed taxes in previous years but didn't file tax retur...
In this series: ; Check if you’re eligible for IRS Direct File and file online directly with IRS for free. ; If you need more time, you must request an extension by the April filing deadline. ; Remember, an extension of time to file is not an extension to pay taxes you owe. Pay any taxes due by the filing deadline to avoid penalties and interest.
The IRS Streamlined Procedure is a great opportunity for US expats to catch up with their IRS back taxes and FBAR filing without penalties.
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Simply log into your account or create a new account to begin. Then click on the “Prior Years” tab in the middle of the “My Account” page. Select the year you wish to create and click “Start a New Tax Return.” From there, you’ll enter the income and expense information for the year you are filing. Once your return is complete, you can file it in your account on the IRS website. You also have the option to print out and mail your tax return to the IRS. The mailing address for the IR...