941 & Business Taxes

Self-Employed Non-Filers: Three Different Paths to Compliance

IF you are a self-employed person and haven't filed taxes in awhile, you might be wondering what is the best way to get back on track. Here's three potential paths:

* You have resources. File recent years and pay. While the IRS might ask you to file the older years, you could try to file one, two or three of the most recent years and pay all of the taxes due plus penalties. It just might work (fingers crossed).

* You have limited resources and could benefit in the future from Social Security. File 6 to 10 years. First, you would file 6 to 10 years of tax returns, owing a lot of taxes and penalties. But later you can settle the debt with the IRS for a fraction of what you owe thru an Offer in Compromise. By doing so, you can give your future Social Security benefits a nice boost for a small investment.

* You have or don't have resources. You just want to do get into basic compliance. File 6 years. You might have to get into a payment plan, you might be able to settle (see above), but ultimately, you just want to "close the door" to future scrutiny. By doing 2014 to 2019 tax returns, here in 2019, you should be considered "compliant" by most IRS officials.

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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