I really love baseball. I know other sports are good too and can be fun and exciting to watch, but to me, none of them can match baseball. There is no part of the game that I don't like. I love reading about the history and lore of the game. Players of yesteryear like Babe Ruth, Ted Williams, Mickey Mantle and others fascinate me. I know the high points of the game, like the 1951 Natio...
It’s the beginning of a new year, which means it’s a good time to start thinking about filing your taxes. But what if you still have past taxes to report? Is it a good idea to file last year’s taxes if you still owe taxes from a few years ago? Of course it is! Back taxes can be a huge financial burden and a detriment to getting your full refund for the current year. The sooner you present them, the better.
Fortunately, filing your previous taxes makes it easy to file current year’s taxes, and vice versa. So make this year the year you get all your taxes in charge. That is how:
- Collect all documents. Every year that you qualify to file taxes, you receive a W-2 form. Make sure you have all of these, including your previous W-2 tax forms together, before filing. If any are missing from your records, contact your employer or the IRS for a copy. Also, for this year’s taxes, all employers have to legally give you their W-2 (or 1099 Reporting) form before the end of February. Make sure they do!
- File your previous taxes first. Once you have everything gathered, file the oldest taxes first. That way, you won’t be penalized when you file your new taxes and you won’t lose any part of your refund. Back taxes are also a bit more complex to file, so it’s important to take the time to get it right.Tracing. When you are filing two types of taxes at the same time, both old taxes and current taxes, it is best to check to make sure the IRS knows that you have filed both types. Due to the way taxes are processed, your current taxes may be processed earlier than your previous taxes, which could lead to your refund being garnished. In addition to tracking down documents to make sure back taxes are processed first, do a follow up. Don’t be afraid to call the IRS and ask questions, especially if you take the time to handle your taxes early in the year.
- Use an online archiving service. Filing online is by far the easiest and cheapest way to file your current taxes. It is what’s more The easiest way to file your previous taxes! Both can be filed online, saving you time and money and making it much easier to see if and when the IRS received things. So avoid IRS-induced headaches and apply online this year.