The single worst mistake a taxpayer can make is, not filing a tax return or back taxes. If you owe money and you cannot pay, you have options. If you do not file a tax return and have a back tax issue and you owe money the IRS will impose a Failure to File penalty. This penalty maxes out at 25% of the back taxes owed. If you do not pay back taxes by the due date, the IRS imposes a 25% Failure to File penalty.
A taxpayer can save many dollars by filing their tax returns on time. If you have many years of unfiled back tax returns, we can help. We have specially trained professionals to help you file your back taxes. Filing many years of tax returns can be a lot of work and extremely stressful. If you need to file many years of back taxes you will probably need professional help.
Many times a professional can help a taxpayer save thousands of dollars of base tax and penalties. If a professional can help a client save $1000 of base tax owed that will help save another $500 in penalties. Many times Total Tax Solutions has helped its client’s save more money in taxes than fees the client was charged.
Recently, Total Tax Solutions helped a client with the filing of back taxes. The last return he filed was for the year 2004. Within a week after meeting this client we had prepared his 2004 thru 2007 individual income tax returns. Filing back taxes does not have to be a painful and long process.