| To get caught up with the tax returns which you have | | | | returns have not been filed for many, many years. |
| missed in previous years, you will need to get current | | | | Can you Eifile the past year tax return? The simple |
| by submitting past year taxes. This is basically | | | | answer is NO. |
| obtaining the old tax forms, gathering all the information | | | | The IRS needs you to manually send the completed |
| and preparing it as you would have done it. | | | | tax forms. Bear in mind the difference between online |
| It is definitely essential that you get these done in time | | | | filing and E filing. |
| particularly if you forsee financial changes in your life. A | | | | Just what is the distinction between on-line tax |
| new house is a great example. If you want a | | | | preparation and E-filing? With an e-file, the information |
| mortgage loan or a business loan, your past tax | | | | contained on your tax forms is delivered to the IRS in |
| returns are one of the important documents that is | | | | an electronic format and you do not have to mail in |
| used by the financial institution to evaluate you. | | | | your tax forms. |
| One question that gets often asked is "Will I get a | | | | When a tax software company uses the internet for |
| refund for a past year if I file the past year tax return | | | | people to use the software its called online tax |
| now?" | | | | preparation. You are essentially running your own |
| The answer is "It depends!" | | | | version of the the tax software over the internet. |
| The tax return has to be submitted within 3 years of | | | | But remember for past years tax returns, IRS will not |
| its due date. How come within three years? That is | | | | allow e-filing, so regardless of how you prepare that |
| what is called the 'statute of limitations' for tax refunds. | | | | return, you will nonetheless need to postal mail it. |
| Once the 3 years are over, the refund is forfeited. For | | | | What tax forms do you need to to file a past year |
| example, if you did not file a tax return for 2008 that | | | | taxes? You would need the particular tax forms from |
| was originally due on April 15th 2009. You could still file | | | | the actual past year to prepare the tax return. These |
| that 2008 return by April 15th 2011 and still get a refund | | | | are readily available on the IRS site. |
| in case it had been due to | | | | Is there software programs available that will do a |
| Our experience reveals that when an individual thinks | | | | past year tax calculations? Most people are stuck with |
| that they owe money to the Irs, they steer clear from | | | | using an older edition of tax software. That is if you |
| submitting their tax returns. Personal difficulties are | | | | can find it. You will be lucky to find this software, since |
| usually the common cause. Picture someone going | | | | most software manufacturers only support their |
| through a hard divorce, a death inside the family, or | | | | software program for a certain number of years. It is |
| perhaps some other personal misfortune. Doing the | | | | not economical for their company to support software |
| tax return is probably last on their heads. Frequently | | | | for which there are extremely few customers. |
| people catch up on their tax returns within a year or | | | | Here are a few online tax vendors offer past year |
| two, but not always. There are situations where tax | | | | tax online. |