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Are You Confused on How to File Your Back Taxes?

January 29, 2012 | Comments: 0 | Views: 157

A couple of years ago, Will from Iowa lost his business records tax records during a tornado and has not filed them since. His cabinetmaking business had finally gotten busy, and he just had not found any time be concerned about it since. Thankfully, the IRS had not appeared to notice, which pushed the unfiled tax return problem further into to the nether reaches of Will's mind.

Then, almost six months later, a notice sent by the IRS came from the mail. Will saw it and left it on the kitchen table with plans to look into it in a while. However, his wife was harassing him about finishing the garage after which a fresh client needed her addition finished immediately, and soon, the letter was obscured under a lot of papers that it was forgotten about, Will had other tasks to do besides think about how to file back taxes.

A couple of weeks went by, and business was still going strong. Certified correspondence from the IRS began arriving again, but neither Will nor his wife had time to look at them. Finally, Will hired a bookkeeper to look after things for him, but then did not have time to keep track of the developments. The certified correspondence continued to come, but Will did not know why since he had thought taken care of the nagging problem.

Will eventually got a break one Saturday morning and went to the post office to pick up one of the nagging letters. He was shocked to discover that the IRS now claimed that he now owed more than $750,000 in back taxes according to the IRS. After re-reading the letter, a sinking apprehension began to sink in and he felt miserable, guilty, and bewildered. Will quickly hid the notice in the basement so that his wife would not find it before he had a chance to fix the problem.

Since Will had repeatedly failed to prepare and file his tax returns, the IRS filed and prepared his tax returns and claimed he owed a lot more than he actually did. However, Will still had a chance. With a little help, his unfiled tax returns would be able to be officially prepared by a genuine tax lawyer and his missing books and records could be reconstructed. This would greatly decrease his total taxes owed the IRS and he might even be able to argue to lower his tax debt based on his ability to pay.

To get serious help to learn how to file back taxes, learn from the pros at IRSmedic.

Source: EzineArticles
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