I Haven’t Filed My Taxes In Years! What Do I Do Now?

So you’ve been through the gamut of deciding you will adopt a child. You’ve read the articles, you’ve talked with friends and family, you’ve made some calls (including on your knees maybe), and now you’re ready to move forward. Except that there’s one thing looming over you now… adoption is expensive!

Select your selling team with care including investment bankers, attorneys, wealth managers, business brokers, and accountants. They advise looking for competency, experience, reputation, chemistry, and availability in your advisors. A list of advisors to choose from are listed in the appendices.

Well, first you want to make sure you file. Even if you cannot pay the total taxes owed, you should file immediately not only because you can prevent this penalty from accruing, but also because you can claim applicable tax credits and tax deductions that you otherwise would not necessarily get if the IRS filed a “Substitute for Return (SFR),” or a tax return for you.

Why would you need a Torrance Tax Preparer? Most people feel that they can handle their own tax situation, however, there are some benefits that make hiring someone well worth the cost.

The instructions for the 1040EZ was pretty self explanatory. Since I use a Turbo Tax program for our household taxes, I just used the same program to start an individual return for each of our wage earning children. We simply followed the instructions, had the children sign their returns and then popped them the mail.

Adjust your projected income every quarter. So you start with the prior year figures and adjust it for major changes in April. Well what do you do if some new anomaly occurs in June? You adjust it again. Since you are looking at your annual budget and cash flow projections on a monthly basis, you will begin to notice how your business is trending; and whether or not you need to re-adjust your projected bottom line. Don’t wait until December when the year is pretty much over. Assess things quarterly.

After you have narrowed down your choices, perform a quick background check. Contact your state’s board of accountancy to check on the license. They can tell you if any disciplinary action has been taken against the CPA. The IRS Office of Professional Responsibility can help you with Enrolled Agents, their licensing and their disciplinary history.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

Categories

Categories
FREE CONSULTATION
Consultation Banner

Get Free Estimation

Contact Form