You're in business for yourself, but it's been years since you've filed. With a handful of bank statements and fuzzy memory of your employment timeline it's hard to even know where to start.
It might seem insurmountable - probably a good time to call on a tax professional like those at WATAX to assist.
First off - Why should you file? If you are self-employed and don't file your federal income tax return
- Your income isn't be reported to the Social Security Administration and you will not receive credits toward retirement or disability benefits.
- Loan approvals may be declined or delayed if you don't file your return.
- The IRS could (and maybe already have) filed a Substitute for Return (SFR) in your absence and without deductions!
- Avoid accruing further late filing penalties and interest charges.
- If your business is growing - options to expand or alter the business structure may be hindered.
What WATAX will look at to tackle -
- Research your IRS record to see what income's been reported to the IRS and to see if there are any present.
- Gather what info you have on previous years (1099s, bank statements, transcripts, etc).
- We'll file the past 6 years of unfiled returns as aggressively as possible - utilizing whatever available business deductions can be applied (for most folks 6 years is consider IRS compliant).
- Once returns are in and the IRS assesses liability. WATAX Resolution staff will discuss and determine what settlement options are available and then implement a strategy to resolve.
With so many puzzle pieces, it's hard to see the full picture. That's where professional tax service can really come in handy.