Spokane IRS Back Tax Returns
It’s a notice everyone dreads — but it doesn’t have to be. When you’ve gotten notice that you are past due on filing your tax return, you may assume the worst.
The truth is that your situation is likely not going to be much more dire than had you filed on time. While it’s true that you will likely face penalties (and filing on time is always ideal), “right now” is the next-best time to start looking into your tax situation.
Whether you’ve received notice CP3219N, an earlier late filing reminder, or think the Internal Revenue Service (IRS) has already processed its own assessment, Instant Tax Solutions is here to help you. We dive deep into your financials to help you sort through your current obligations while planning for the most ideal road ahead.
Even if you owe taxes for the current year or back taxes, you have options to work with the IRS and seek out the best situation possible for your financial future.
Dealing with back taxes and back tax returns doesn’t have to be scary, especially when you have help! Find out how you could be eligible for possible forms of tax relief and how to get back on the right track toward good standing.
Call (888) 886-5526 or contact us online to schedule a no-obligation consultation to discuss your current situation with an experienced tax relief professional near you.
Spokane Filing Back Tax Return Help
When you miss your filing deadline, you have up to three years to file your own return. This action allows you to correct any mistakes the IRS made on their own assessment, and it may also make you eligible to reduce your current tax burden — or even receive a refund, depending on the amount you are determined to have actually owed.
What is key is approaching the situation you are faced with now with the determination to get current and caught up. The IRS will continue to charge penalties and interest on any back taxes owed.
Once the balance remains delinquent for a long enough time, or the filer accrues a high enough tax debt, they may face increasing degrees of collection action from the IRS. However, if you begin making arrangements to start paying down your tax bill, such as by forming an installment agreement, you can often avoid all the worst penalties or receive some relief from measures like tax liens on property.
In other words, it’s never too late to start. Putting it off any longer only adds to your stress and sense of worry.
Instant Tax Solutions is able to provide you with filing back tax return help, regardless of your current financial situation. Working with our tax experts ensures that you are able to dig deeply into your financial situation to determine exactly how much you should owe.
We can also help you file an amended return for any of the last three years’ worth of filings, potentially helping you reduce your tax burden while positioning you for greater financial clarity in the future.
Instant Tax Solutions wants to help, and we want you to feel as independent and unconstrained as possible when it comes to your finances. Our number one priority is giving you the sense of relief that comes with having a plan and sticking with it so that you can begin preparing for the sunnier financial future that can lie ahead.
What Happens When I Don't File a Tax Return?
Most people and organizations that file for taxes are expected to file a tax return (typically, form 1040) at the exact same time. You may have an automatic extension if you are a U.S. military service member stationed overseas, or have been the victim of a natural disaster, or a select few, and incredibly rare, other exceptions.
Once you have missed your initial filing deadline, the IRS automatically begins tolling a late filing penalty to the balance you owe. Note that if you do not owe taxes or you are owed a refund, they cannot assess this penalty, but you will lose out on any refund and, in some cases, possible deductions for the next filing year.
You are likely to receive a notice in the mail within 1-3 weeks of your missed filing deadline. You will be asked to render payment for owed taxes in full and to file your late return immediately.
The IRS will continue to send notices like this every few weeks, at least once every 30 days.
After 90 days, you will receive a Notice of Deficiency CP3219N, which will say that the IRS intends to create its own tax assessment based on available knowledge of your income, accounts, and other financial information.
Know that this assessment is highly likely to leave off all credits and deductions to which you would normally be eligible to claim, raising the amount you owe compared to if you had calculated it yourself.
Once the IRS has performed an assessment, it will amend the estimated balance you owe and then continue to charge a failure-to-file and failure-to-pay penalty, including interest. You have up to three years to file your own return to dispute the results of their assessment, which will often have the effect of reducing the amount of back taxes you owe.
What Options Do I Have for Relief for IRS Delinquent Taxes?
One of the biggest reasons to seek help when you have to file past-due returns is that you may be eligible for certain forms of relief. Note that you are not automatically entitled to any form of relief.
However, the IRS is willing to offer relief to individuals who can demonstrate that they acted in good faith and had a particular reason not to file on time, including an inability to pay.
Your options for relief can include any of the following.
You may be eligible to have some of your accrued penalties and interest removed for taxes you currently owe through penalty abatement.
Offer in Compromise
The IRS may be willing to reduce the actual amount you owe, provided you are able to demonstrate an inability to pay in full and are able to make a single lump sum payment or series of payments. This option is often your best chance at substantially reducing the amount of back taxes that you owe.
An installment agreement plan is the easiest method of paying back taxes in full and getting back in good standing with the IRS. While you set up your plan, Instant Tax Solutions can also help you with developing a financial plan for preparing for what you owe next year, ending the cycle of worry and positioning you to begin saving and building a more opportune financial future.
Currently Not Collectible
While you cannot ask for a tax filing extension once the due date has passed, you can request to be placed into IRS currently not collectible status, provided you are able to demonstrate hardship and an inability to pay. This window of relief can help you avoid the harshest penalties — which can include wage garnishment, bank levies, or property levies — while helping you decide how to handle the back taxes owed.
How ITS Helps With Spokane IRS Delinquent Taxes
When you choose to work with our tax accounting and relief professionals, we get to work fast in order to help you develop an optimal plan for your future.
Our services include:
- A full review of your accounts and financial situation
- Review of all notices and communications you have received from the IRS and the Washington Department of Revenue
- A complete, accurate accounting of relevant financials for the time period covering all IRS back tax returns
- An objective determination of what you should owe, compared to what the IRS says you owe
- Exploration of all your options for tax relief and your ability to get current and in good standing
- Preparation for future tax filings, enabling you to permanently feel free from the pressure and worry of having to deal with back tax returns
Why Should I File Back Tax Returns After They're Late?
There are a number of solid reasons for wanting to file your own return, even if you initially feel comfortable with the idea of the IRS performing its own assessment:
- You are highly likely to have more deductions and credits applied when you do your taxes yourself
- You benefit from going through and doing your own accounting of financials from the last year (or a few years), especially when it comes to preparing for next year’s filing
- Being a non-filer can hurt your relationship with the IRS, limiting your ability to receive forms of relief
- Creditors and other parties will often want to review your tax returns, such as for loan approvals, and having your own 1040 on file compared to an assessment can have more credibility (especially since it is likely to be more accurate)
- You’ll want a full and accurate understanding of the back taxes you currently owe and why you owe them
- You’ll have the opportunity to correct any mistakes the IRS made with assessing your income, calculating penalties, etc.
Reach Out to Instant Tax Solutions to Get Back on the Right Track
Instant Tax Solutions wants to be your ally in helping you regain control over your finances — and your peace of mind! You can be the master of your own future, and relief is within sight.
We will help you do everything you can to put yourself on the path toward full financial independence from tax worries while helping you manage your existing tax debt through the most effective means available.
When you are ready to talk, we are here to listen and provide you with all the information we can. Schedule a consultation today when you call (888) 886-5526 or contact us online.
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