Unfiled tax returns are tax returns that a taxpayer fails to submit to the appropriate tax authority by the required filing deadline.
Filing taxes can be overwhelming, and it’s not uncommon for some individuals to miss the deadline, leading to unfiled tax returns. But don’t panic! We’ll guide you through filing your 2022 taxes late and help you avoid the top 5 mistakes that can have serious consequences.
Top 5 Tax Filing Mistakes That Lead To Unfiled Tax Returns
Did you know that there’s an astounding $1.5 billion in unclaimed tax refunds for the 2019 tax year because individuals haven’t filed their tax returns yet? That’s a significant amount of money left on the table due to common tax filing mistakes.
Whether it’s confusion about the process or simply missing the deadline, many taxpayers find themselves with unfiled tax returns and potential refunds going unclaimed.
To help you avoid missing out on what’s rightfully yours, let’s explore the top 5 tax filing mistakes that often lead to this situation. By understanding and addressing these errors, you can take the necessary steps to file your taxes, claim your refunds without any delay, and confidently navigate the tax-filing process so you stay on top of your tax obligations.
Here are the top 5 common filing mistakes that lead to unfiled tax returns:
Ignoring the Deadline
Don’t make the mistake of ignoring the tax filing deadline. Life gets busy, but it’s crucial to be aware of the due date and file your taxes promptly. Procrastinating can lead to penalties and interest on unpaid taxes.
Underestimating Extensions
Extensions can be a lifesaver if you need more time to gather your tax documents. Don’t underestimate their importance. Applying for an extension grants you an additional six months to file without late-filing penalties. Remember, though, an extension doesn’t delay paying any taxes owed.
Overlooking Deductions and Credits
In the rush to file late taxes, some may miss valuable deductions and credits they qualify for. Review your financial records thoroughly and consult a tax professional if needed to maximize your tax benefits.
Neglecting to Amend Previous Returns
Errors in previous tax filings can lead to unfiled tax returns. Amend any mistakes as soon as possible to rectify inaccuracies and ensure a correct tax situation moving forward.
Avoiding Notices from the IRS
Don’t dodge the IRS! Ignoring notices or inquiries can escalate penalties and complications. Be proactive and respond promptly to IRS correspondence. If unsure, seek help from a tax expert.
Here’s How to Address Unfiled Tax Returns
Unfiled tax returns can cause significant stress, but taking action promptly can lead to a positive outcome and financial relief. Now that you know the top 5 tax filing mistakes that often result in unfiled tax returns, it’s crucial to address the issue and file your 2022 taxes late.
By following our step-by-step instructions below, you can gather the necessary documents, estimate your income and deductions, choose the right tax form, and even apply for an extension if needed.
You don’t have to go through this alone – we’re here to support you at every stage. Let’s go through each step together, ensuring you’re on the path to resolving unfiled tax returns and claiming any potential refunds you may have.
Gather Your Tax Documents
Start by collecting all the necessary tax documents, such as W-2s, 1099s, and other income statements. If you’re missing any documents, reach out to the respective sources to request duplicates. Organize your financial records to ensure you have a clear picture of your income and expenses.
Estimate Your Income and Deductions
Since the tax-filing deadline has passed, use the tax forms and instructions for the previous tax year (2021) as a reference. Estimate your income and deductions based on your financial records for 2022.
Choose the Right Tax Form
Select the appropriate tax form for your filing status (e.g., Form 1040, 1040A, or 1040EZ). If you had significant life changes in 2022, such as marriage or the birth of a child, ensure you account for these on your tax return.
Apply for an Extension If Needed
If you still need more time to file your taxes, you can apply for an extension using Form 4868. Filing for an extension grants you an additional six months to file your return, but it doesn’t extend the time to pay any taxes owed. Remember to estimate your tax liability and make a payment to avoid interest charges.
File Your Late Tax Return
Complete your tax return using the estimated figures and any applicable tax credits. If you’re not comfortable filing on your own, consider seeking assistance from a tax professional who can help ensure accuracy and maximize your potential deductions.
Address Unfiled Tax Returns from Previous Years
If you have unfiled tax returns from previous years, you need to address them as well. File the necessary tax returns for each year with accurate and updated information. Addressing past unfiled returns will help you get back on track with your tax obligations.
Pay Any Taxes Owed
If your late tax return shows that you owe taxes, make the payment as soon as possible to avoid additional penalties and interest. You can make a payment online through the IRS website or explore other payment options offered by the IRS.
Communicate with the IRS
If you receive any notices or correspondence from the IRS regarding your late taxes or unfiled tax returns, address them promptly. Respond to any inquiries and provide any requested information to the IRS in a timely manner.
Seek Professional Assistance
Dealing with unfiled tax returns and late taxes can be complex, especially if you have multiple years of outstanding returns. Consider seeking professional assistance from tax experts. We can help you navigate the process, ensure compliance, and represent you before the IRS if necessary.
You’re not alone, Andrin is here to help.
Don’t let unfiled tax returns continue to weigh on your mind and potentially leave money on the table. Andrin Tax Relief is here to help you navigate the complexities of filing your 2022 taxes late and addressing unfiled tax returns from previous years.
Our team of tax experts will ensure accuracy, maximize deductions, and represent you before the IRS if necessary. Take the first step towards financial peace of mind by reaching out to us at Andrin Tax Relief.
Contact us today, and together, we’ll work towards a successful resolution of your tax situation!
