It’s a drop in the bucket to them, but it might be a lifesaver to you.
People who file past income tax often get back money-fifty dollars, one hundred dollars, five hundred dollars, even a thousand dollars. In fact, some tax preparers have discovered the “IRS Time Machine”-you can get back money from past years based on things you did this year.
All that, and you don’t have to pay a dime until it’s actually time to file. You can run the numbers and check your numbers, all with no risk whatsoever. It’s the easiest way to assess where your taxes are at.
Here’s what you need to do:
- Get the documents you need to file past income tax: Whether or not you filed before, you’ll want any 1099 or W-2 forms, as well as any financial records you have from before. It’s also a good idea to have any bank records or mortgage statements. If you can’t access the forms, don’t worry-there will be extra work, but you can still file.
- Determine whether you’re filing for the first time or amending a return: For most people, this one is easy: they file past income tax returns if they didn’t file before. But thanks to the First Time Homebuyer’s Credit, people who filed earlier may want to file past income tax to amend their returns. And people who didn’t file because their income was too low could still have a chance to get something back.
- Pick a company that will help you file past income tax: you don’t want ot do the filing alone if you can help it. Filing normally is tricky enough, but when there are fees and fines on the line, it gets that much worse. Instead, pick a company that specializes in helping people file past tax online. They’ll be able to calculate the best way to get the most back, and do it almost instantly.
Don’t spend any more time wondering how much you could get back if you file past income tax. You could start your filing in minutes, and get your hands on a refund in days. There’s no sensible reason to delay, especially knowing that the IRS could always turn the tables and end this extraordinary opportunity. For as long as they’re willing to give you money, the only question is: are you ready?