| fall behind on preparing and filing their taxes for a lot of | | | | thing is nearly certain - preparing and filing a tax return |
| reasons. Challenging times in their individual life, short on | | | | from prior year is in fact far more expensive using an |
| money to pay their taxes. | | | | accountants when compared with preparing your |
| An associate of mine was undergoing a difficult | | | | current year taxes. |
| divorce. It was not the best of times in his personal life | | | | So why do people ask you for much more money for |
| believe me. And around rolls in April 15th - the deadline | | | | your prior year taxes ? |
| for preparing and filing his taxes. He even had a difficult | | | | Tax rates, brackets, exemptions and credits vary from |
| time determining whether or not to file jointly or | | | | year to year. So effectively your tax preparer has to |
| separately - not to mention the issues of talking with | | | | go back to back a few years determine every one of |
| his wife concerning taxes. And so the reality is filing a | | | | these things. |
| tax return is the very last thing on his mind. | | | | Could you prepare prior year taxes alone ? |
| Did you know that the IRS is holding on to millions of | | | | You bet! |
| dollars in refund cash from individuals who never cared | | | | To do this manually you will have to first step is to |
| to file a tax return. | | | | search for the prior years tax forms. For instance to |
| Allow me to share some essential things to remember | | | | file a 2008 tax return you would need to file it using |
| when you are preparing to prepare a prior years | | | | tax form from 2008. |
| unfiled tax return: | | | | The forms are not that easy to find particularly when |
| You need to be current with your prior year taxes to | | | | you go back a couple of years. To obtain the forms |
| get a refund on the current year tax return. For | | | | even on the IRS site is hard. Not only you'll need the |
| example to file a 2010 tax return, you should have filed | | | | actual tax forms, you also need the instructions that go |
| all the prior years tax returns. If you think you will have | | | | with it. Next comes the difficult job of having your |
| a tax refund this year, you should definitely have to | | | | records in order and finally the hard part - the number |
| prepare and file your prior years tax returns to make it | | | | crunching |
| current. | | | | Can there be a less arduous way to prepare these |
| You can file a prior year tax return for upto 3 years | | | | prior tax returns ? |
| back and still get a refund. So lets say you did not file | | | | Of course! |
| your 2008, 2009 and 2010 tax return, it is possible to | | | | Several tax web sites provide online preparation of |
| still file them now and be eligible for a tax refund on | | | | prior year taxes. These websites guide you through an |
| the 2010 tax return. | | | | interview process. If you have used one of the major |
| Prior year taxes can be filed anytime throughout the | | | | tax sites you will probably be familiar with the carefully |
| year. You do not have to wait for April 15th. | | | | guided procedure. The software program walks you |
| How do you go about filing a prior year tax return | | | | thru the steps of capturing your personal and tax |
| Probably the most pricey way to do your prior year | | | | details. If you don't have a priror year W2, there are |
| taxes is to use an accountant. Not all accountants are | | | | specific methods you can follow to get one. |
| similar when it come to getting the work done. But one | | | | |