Failing to file your taxes for any number of years in a row can result in many different issues, including interest on your taxes, actions from the IRS, and other penalties. Whether you simply missed the deadline for taxes or couldn’t afford to pay your taxes that year or multiple years, it’s important to resolve your unpaid or back taxes right away to avoid additional penalties and consequences.
Here are a few tips on how to manage your back taxes:
- Call a reputable CPA. Whether you have a single year or several years of back taxes, the best way to manage your back taxes is by calling a reputable CPA, like me at Denson Pepper CPA. I have over 40 years of experience as a CPA and am dedicated to helping you find the solutions you need. I can help you compile all the numbers and fill out the necessary documentation for your unfiled taxes to make sure everything is filed correctly.
- Agree to an installment plan. Once you have filed your back taxes, you will need to agree to an installment agreement to pay off those unpaid taxes. We can usually find tax credits and other adjustments to reduce the total amount owed. I can also work to negotiate with the IRS and state tax authorities to get a more manageable installment plan for you.
- Stay on top of your taxes. Once you have resolved your back taxes and committed to a payment plan, it’s important to stay on top of all future taxes. I can work with you to create a tax plan to help ensure you file your taxes on time each year.
Please contact me today to learn more or schedule a consultation.