1/23/2024 0 Comments Turbotax home and business 2016![]() Stop late filing and payment penalties and interestįiling a tax return on time is important to avoid or minimize penalties, even if you can't pay the balance you owe. In these cases, filing a tax return could result in a tax refund that puts money in your bank account.Ģ. While many have federal income taxes withheld from their paychecks, sometimes too much money is withheld. One practical reason to file a back tax return is to see if the IRS owes you a tax refund. Why you should file back taxesįiling back tax returns could help you do one or more of the following: Learn more about why one may choose to file back taxes and how to start this process. ![]() Should you file back taxes? It may not be too late to file a previous year's tax return to pay what you owe or claim your refund. Having tax returns for past years can also help with loan applications. Filing back taxes and paying the associated taxes can help you qualify for Social Security retirement and disability benefits and Medicare benefits when you need them.If you owed taxes in previous years but didn't file tax returns, you can stop some penalties and interest by filing back taxes, even if you are unable to pay the balance you owe.However, the IRS only allows you to claim refunds and tax credits within three years of the tax return's original due date. If you qualified for federal tax credits or refunds in the past but didn't file tax returns, you may be able to collect the money by filing back taxes.You can file back taxes for any past year, but the IRS usually considers you in good standing if you have filed the last six years of tax returns.
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