Filing past due tax returns

File Past Due Tax Returns.

Why is it important to file past due tax returns?

As you may know when you file a late tax return you will be penalized.

If you are due a tax refund for withholding taxes (w2) or estimated taxes (self-employed). You will lose the potential refund if you do not file and claim the refund within 3 years of the return due date.  Don’t be afraid to file. It is best to get caught up to avoid penalties, interest and potentially the IRS filing for you.

Did you know? When you are self-employed you can still earn credits towards social security retirement/disability benefits. Any income you earn gets reported to the social security administration.  Want to know how many credits you have earned? Go the social security website and either log in or set up an online account. Easy peasy!

In some cases, you may need to file past due tax return if you are trying to obtain financing. If you need to modify your home loan, refinancing of a home loan or purchasing a home. These lenders will require you to file past due tax returns.

Don’t get bogged down and fear the outcome of filing past due tax returns. It is best to tackle it head on and not let it fester.

Have questions? Give us a call or text and let us know how we can assist you.

904-257-3145 call/text or 786-810-7945 mobile or email info@pegasustaxpros.com