How To File Taxes From Previous Years latest 2023

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Should I Still File Taxes Owed From a Prior Year?

There are many possible explanations for why this happened: maybe the spring was really crazy and April went by without you even thinking about taxes, maybe you were scared of owing taxes and not being able to pay, maybe you just forgot.

Whatever the reason, the simple fact is that you forgot to file a return and are now wondering, “Do I still have to file taxes due from a previous year?”

The answer is “Yes”, and while it’s easy to forget, there are plenty of good reasons to file.

First is the law. You are legally required to file your return (or request an extension) by the mid-April tax deadline. Failure to comply could result in legal consequences. For most offenders this is a remote possibility, but remember that you run the risk of being prosecuted.

Legal consequences aside, there are two major scenarios that could result from not filing taxes: one if you owe a refund and one if you owe back taxes.

You’d be surprised how many late filers actually need to receive a refund. In fact, late filers are more likely to get a refund. Most people who miss the tax deadline imagine all sorts of disastrous consequences, even if it’s the government that owes them money.

File your taxes late and you could still get that refund, without any penalty. But there is a limit – only returns from the last three years can be refunded. After that, the statute of limitations kicks in. You can still deposit, but you won’t receive any money from Uncle Sam.

At the other end of the spectrum are those who owe money to the IRS. The picture is much less rosy for them. For each day your tax return is not filed, you accrue a non-filing penalty and for each day your tax payable is not paid, you accrue both a non-payment penalty and interests.

The only way to stem the tide is to file your return and pay what you owe. Dropping as soon as possible will reduce the damage. Remember that the IRS has ten years to find and punish tax offenders before the statute of limitations kicks in, so you’re unlikely to be able to hide.

Aside from penalties and interest, there are many other unpleasant consequences. Undeclared and unpaid taxes could prevent you from getting a refund in a future year and hurt your credit score, making it more difficult to get a loan for big purchases like a car or a car. house.

So you see that there are many reasons to settle your undeclared taxes from a previous year.

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