It's been a few years but you now realize it's time to catch up on filing your tax returns. Whatever the reason for this realization, getting back on track has multiple benefits -
- Peace of mind. It's the law and once squared away you won't live with the stress of what the IRS might do.
- Getting approved for a home loan requires that you've filed your returns.
- Might be considered a deal breaker to a future spouse if you're getting married!
- The IRS might file substitute-for-returns for you without deductions and you'll owe more taxes than if you'd filed them yourself.
- Your passport may not be issued if you haven't filed your returns, making it hard to travel outside the U.S.
- If you're self-employed, you might be missing out on increased Social Security contributions for when you retire.
- To get health insurance on a health insurance exchange or healthcare.gov.
- Student loan aid for your kids (FAFSA) requires tax compliance.
- To reduce your vulnerability to identity theft. Statically unfiled folks have a bigger change of getting taken advantage of.
Here's how do your tax professionals at Washington Tax Services will get you back into tax compliance?
- Research and analyze.
Of the top, we research your record and gather in-depth information on your tax situation, treading lightly to avoid direct contact with the IRS and that might flag your situation.
- Make a determination, order records and file the returns.
We'll determine the amount of years that need to be filed. File aggressively as possible and get you drafts to review before submitting completed returns to the IRS.
- See if IRS filed for you and if you owe money.
There are cases where the IRS filed for you—creating balances due. Your WATAX Enrolled Agent will be able to determine the best course of action to follow.
- See if you're getting refunds.
The last three years are eligible for refunds. Pandemic Relief Refunds? If you did not receive the $1800 and $1400 stimulus payments they're still available! But only until April 15, 2024 and April 15, 2025.
- Create a template for future compliance.
How are you going to avoid tax problems in the future? We'll assist so you never run into a tax problem, breaking the non-filing habit once and for all.