Today! Five Reasons to File Past Year Tax Returns
As important as April 15th is, it is equally important to remember that if you miss the deadline, it is still possible to file past year tax returns. In fact, doing so can often being extremely beneficial. Here are a few reasons why filing those old taxes is so important:
It can get you a refund. Did you know you were eligible for a tax refund up to 3 years after the deadline? It is true. In fact, studies have found that most people who need to file past year tax returns are actually owed money. So instead of putting it off because of your fear of being fined, think of it as a way to get money that is been waiting for you! Your fines stop the minute you file. Even if you are one of the unlucky few who do owe money, by filing you past year tax returns you stop those fines and fees in their tracks! From the second you file, your fees are put on hold–and then the IRS or an online tax service can help you figure out the best way to start paying those back taxes down. You can pay your taxes down monthly. If you do owe money, do not panic! You do not have to owe it all at once. The IRS understands that you might not have a few thousands just sitting around somewhere. The important thing is that you do start paying them, because it reduces your penalties. There’s no reason to wait to file past year tax returns until you have the penalty amount saved up–start now! The more you delay, the more you hurt yourself. You can do it online. That is right, you do not have to go into the IRS, cap in hand, and beg for their forgiveness. You can use their e-file service (or, even better, an online company who are experts in back taxes) to file. No fuss, no muss, no having to face someone and feel guilty. You can file past tax returns with the click of a button. You get piece of mind. Let’s face it–being in debt is never fun. It hangs over your head and makes future financial necessities harder. And that is especially true with back taxes. The truth is, most people feel a weight lifted off them the minute they file past tax returns. They lose an extra burden and can start to move on from the ghost of their financial past and into bigger and better things.
The IRS has made it so you can file past tax returns easily, simply, and with no extra penalties. They may be bureaucrats, but here you are working together. You want to move on from those back taxes and they want your money. So enlist some professional help and file any past tax returns you have.
Why wait!? File past tax returns today and start the process of getting on with your life. Do not put it off another day.
Zoe Holmes is a New York-based Midwesterner. She is a big advocate for friends and family to file past tax returns. She hopes that they will listen soon.