Personal Taxes

Benefits for the Self-Employed if You File Back Taxes

Our blog Self Employed and Not Filing Returns is for people who truly haven't filed tax returns for over five years and preferably for self-employed people that haven't filed in ten years. Most people who haven't filed in a long time are usually motivated to act by fear when hiring Washington Tax Services. However, we think for many people the equation should be reversed: people should take action and file their returns to take advantage of the benefits that are available to filers.

Let's take an example.

Jill is a cleaning person who hasn't filed taxes in 20 years.
She is 63 years old.
Due to not filing tax returns - her social security contributions are limited at best.
She just filed for Affordable health care at and is getting insurance for $2 a month(!).
After business expenses, she makes about $20,000 a year. All of her living expenses are covered by this income. She pretty much makes ends meet.

How we'll tackle her case.

She'll file between seven to ten years of returns. After penalties and interest, she'll owe about $30,000 in back taxes.
We already have pre-screened her and believe she'll settle her IRS debt for about $500.
By settling the debt, her social security benefits will be restored as if she contributed for seven to 10 years.
Her affordable health care credits will be substantiated for 2014 by filing the return.
She won't have to fear the IRS coming after her anymore.

Get the picture? If you are a middle-income person and running your own business, you have every reason to

File The Returns, Settle The Debt and Get the Benefits!

Is 2024 the year to solve your tax issue? WATAX is ready to assist you now. Please call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you promptly.

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