Self-Employed and Behind on Taxes? WATAX Can Assist

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 -

  1. Research your IRS record to see what income's been reported to the IRS and to see if there are any present.
  2. Gather what info you have on previous years (1099s, bank statements, transcripts, etc).
  3. 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).
  4. 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.

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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