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» Tax Tips from IRS »
Haven't Filed Last Year's Tax Return? ~ What to Do
WASHINGTON -- The IRS hears many reasons from taxpayers for
not filing a tax return. You may not have known whether you
were required to file. Whatever the reason, it's best to file your
return as soon as you can. If you need help, even with a late return,
the IRS is ready to assist you.
The failure to file a return can be costly - whether you end up owing
more or you miss out on a refund. If you owe taxes, a delay in
filing may result in a "failure to file" penalty and interest charges.
The longer you delay, the larger these charges grow.
There is no penalty for failure to file if you are due a refund. But if
you wait too long to file, you may risk losing the refund altogether.
The deadline for claiming refunds is 3 years after the return due date.
Individuals who are entitled to the Earned Income Tax Credit must
file their return to claim the credit even if they are not otherwise
required to file.
Whether or not you must file a tax return will depend upon a
number of factors, including your filing status, age, and gross
income. Some taxpayers are required to file whether or not they
owe money. Even if you do not meet any of the requirements,
you should file a return if you are due a refund.
For more information on how to file a tax return from a prior
year, visit the IRS Web site, call
1-800-829-1040, or visit your local IRS office.
[TaxMama Sez: A bit part of my practice is working with people who have not filed for years. There are many reasons why some-
one might not have filed on time. Often, the reasons are even
legitimate, believable or beyond your control. It's not that hard
to get caught up. And you can imagine how much better you will
feel not having that hanging over your shoulder!
Incidentally, one of the biggest reasons people fall years behind
in filing? They miss one year because it was too complicated, then
don't file the next year, because they missed the last year ... then on
it goes.
Tip: Even if you haven't filed for last year, get this year filed on time. Don't wait. It will stop your cycle of frustration. Then, sit
down with a tax pro <http://www.naea.org/eadirectory.cfm>
to catch up on last year. Eva]
Published TaxMama.com 3/30/01 ~ Courtesy IRS
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