A lot of people who owe back taxes see themselves as caught in a terrible catch-22: they think they owe lots of money, but they have no money to pay back their debt. For most people who still have to do past year taxes, this is simply not true. Most people who have yet to file taxes for past years are actually owed money by the government.
And for those who do owe money? Well, there are plenty of good reasons to still file your past year taxes: (more…)
In their lifetimes, many Americans will find themselves in this situation: receiving a letter from the IRS telling them they owe past tax. The truth is, we all forget things, including tax deadlines. Or, we’re not aware we qualify to file for taxes. Whatever the reason, it’s important to know how to file past tax returns–because it’s not as scary as you might think.
Here are some ways on how to file those past returns and get out of tax debt as soon as possible!:
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No!
If you’re the average American taxpayer, statistics show that you’re likely to miss a filing deadline at some point in your life. This happens for a lot of reasons: work, vacation, or financial. But if it happens to you (and if it’s happened this year) the first thing you need to do is stop panicking. It’s never too late to deal with past tax returns–you just have to do what you’re doing!
So what do you do when you realize you have some past tax returns?
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Debt hurts all of us. The longer we let it hang there, the more damage it does to our credit, to our lives, and to our stress levels. Fortunately, while the road to getting out of debt can be long, the process can be easy–if you plan for it. Here are 3 ways that your past years taxes can help you move out of debt and even earn you money!
Banks love financial documents. Loan providers love them too. Renters and real estate agents are also big fans. The fact is, the more financial documentation you have, the more those kinds of places can see what sort of a risk you are. And even if you had an off year (or two) the more documentation you provide to prove what a low risk you are, the lower your rates are going to be. One easy way to give them the records they crave? Obtain your past taxes returns.
How? Here are 4 facts about getting your past taxes returns so you can cut your bills, save some money, and be ready for any crises that come your way.
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Getting helpful information about your taxes can be a real pain in the…you know. It seems that nearly everyone involved has an agenda: the IRS wants you to pay the most money, your accountant wants to bill you by the second, and your friends just want to tell you about how great their accountant is. It’s a mess and it’s even worse when you’re struggling at getting past tax information out of people.
But there’s a solution you may have already stumbled on for getting past tax information: the internet.
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The problem with the way tax law is written is that it’s far, far too confusing. The nice thing about e-filing services is that the cut through that mess and help you get the biggest refund for the most money (and time) invested. But as good as they are, they can’t answer every question.
In fact, one of the most common ones I get asked is: just what are past taxes anyways?
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If there’s one piece of not so conventional tax advice this blog has tried to teach you, it’s that past tax returns can really help you in a lot of ways. From everything to making this years tax filing easier to getting a better mortgage, hanging on to your past tax returns really helps you out.
I hope I have you convinced, but: how do you get past tax returns?
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We’ve talked about how copies of past tax returns can help you get a loan and help with your bills, but did you know that those past returns can also help you file your taxes this year?
Here are a few ways how:
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Here’s a fun tax fact: most late filers are actually owed a refund by the federal government. That’s right, by neglecting to file past tax returns, people are actively losing money that belongs to them. And even for those getting into tax debt, the longer they delay filing, the bigger their fines become–making that much harder to pay down! Fortunately, filing past tax returns online is easier than ever. A few simple steps and you’re out of tax debt for good!
So for those who keep putting off their past tax returns, here’s all you need to do: (more…)
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