| Wishful thinking...Some people have the misconception | | | | go you may have lost or thrown away any of your |
| that if you don't get a paycheck or regular income you | | | | records. The IRS can give you the information you |
| don't have to file your taxes. Even if the only source | | | | would need for income earned, but what about any |
| of funds you receive is a social security check and | | | | deductions or credits you think you deserve. |
| you live below the poverty line you still have to file | | | | If you have property, your bank would be able to |
| your income taxes. But millions of Americans who live | | | | supply you with any information about your mortgage |
| on fixed incomes fail to file their income tax return and | | | | including interest on the mortgage which you can claim |
| end up with an IRS tax debt that they didn't expect, | | | | on your taxes. |
| and can't afford to pay. | | | | Were you taking care of your grandkids? You would |
| Any exceptions? Is there any time when you don't | | | | need school and doctor records to prove the child |
| have to file income taxes? Whether or not you have | | | | lived with you for at least 6 months of the tax year in |
| to file is based on 3 requirements: your gross income | | | | question. |
| or how much you made during the tax year; your filing | | | | Do you get money back? What if you file your back |
| status, whether you're single or married; and your age. | | | | taxes and find out that you not only don't owe any |
| Here's an example of someone who doesn't have to | | | | money, but you are actually entitled to a refund? Hold |
| file: A single person, over the age of 65 whose gross | | | | your horses because you can only get refunds from |
| annual income is less than $10,050. | | | | back taxes that are from tax returns in the last 2 |
| For the sake of argument...But for the purpose this | | | | years. If a return is older than 2 years then you get |
| article we're going to assume that you did have to file | | | | nothing. |
| taxes and you didn't. Now you have an IRS tax | | | | Substitute Filing...If the IRS decided to file for you, you're |
| debt...so what can you do? | | | | in real trouble...especially if you don't have those all |
| You've got to do what you've got to do...Obviously you | | | | important tax records. When the IRS files for you they |
| need to file those back taxes before the IRS files | | | | don't file in your favor. In fact when the IRS files your |
| them for you. But here are some things the IRS-Hitman | | | | returns they file your returns so that you have to owe |
| can tell you about what you need to do to get those | | | | them. You can attempt to file an amended tax return, |
| back taxes filed correctly, and keep the IRS from | | | | but if you didn't save those tax records then you don't |
| making your debt impossible. | | | | have a leg to stand on and the IRS filing stays. |
| Did you save that shoebox? Your tax records are the | | | | If you want to know whether you should file your |
| key to getting your taxes filed correctly. However, | | | | return or not, look at IRS Publication 17. |
| depending on how far back your unfiled taxes returns | | | | Now you have the smoking gun...Use it! |