It’s tax time again. Most people should have already filed by the middle of February. The sooner you file, the less likely it is that someone will steal your identity and file “for” you. If you are getting a refund, that person will get the refund instead of you. You can tell if you were a victim of tax identity theft if the Internal Revenue Service does not accept your return because it has already been processed.
If you need help filing this year’s tax returns, contact business attorneys at France Law for a consultation.
If You Have Not Filed This Year
Waiting for Documents
Most employers and others who send out W2s, 1099s, and other tax documents showing income must mail them by January 31. However, some do take until the middle of February. If you have not received a document that you need for filing, you can check your online account – sometimes, the digital version is available much sooner than the paper version.
If no digital or paper document is available, contact a tax attorney. Businesses have a deadline to provide most tax documents.
You Know You Will Owe Taxes
The tax rules change quite often. Even if you owe, you should file your taxes early to reduce the risk of identity theft. Additionally, if you get the taxes done but not filed, you will know how much money you need to pay. If you don’t have enough to cover it now, you know what you have to shoot for by the middle of April.
Additionally, you can ask the IRS to allow you to make payments if you cannot pay the full tax obligation at once. It will save you from incurring future penalties.
Your Loved One Passed
Your loved one’s estate must also file a tax return. Filing a federal tax return for a decedent’s estate can be complex, even for smaller estates. The estate planning attorneys at France Law can help you with the estate, including filing taxes for the estate.
When It Just Cannot Be Done
Sometimes, you just cannot obtain all of the documents you need to file on time. You can ask for an extension to file federal taxes. However, you still have to pay any amount you owe, or you will face fines and interest.
Sometimes you can estimate your tax obligation and make a good guess. You do not want to overpay by too much, but you also do not want to underpay. The tax attorneys at France Law can help you estimate what you might owe and reduce the amount of interest and fees by helping you file a partial return.
If You Have Not Filed in the Past Year or Longer
If you have not filed taxes for a year or more, the Internal Revenue Service recommends filing as soon as possible. The IRS charges late fees (fines) and, if you owe, it charges interest. The interest also applies to penalties, and it can add up quickly.
If you can show reasonable cause for not filing on time, the IRS might forgive the failure-to-file penalty. Even if you filed but you did not pay taxes by the due dates, the IRS will charge a failure-to-file penalty.
You can file a Form 1127 to ask the IRS for an extension to pay “due to an undue hardship.” However, the IRS still charges interest on any due taxes, even if you have an extension.
If you are supposed to receive a refund, the IRS does not charge you a failure-to-file fine. But you could lose your refund if you do not file and claim the refund within three years of the tax due date. If the three-year period expires, the IRS cannot issue a check.
Contact France Law
Whether you are an individual or business, France Law can help you through the complex maze of filing taxes this year. Even if you have not received all of the documents needed to file this year’s taxes, contact a tax attorney at France Law for a consultation.