Ask Terry Questions back tax returns not filed

back tax returns not filed

By Terry Savage on March 23, 2023 | Taxes & Economy

I work at a governmental agency (23 yrs). I have several years where I didn’t file my state taxes. For the most part, I either owed a few bucks, the most, $29 and some years the State owed me a few bucks, the most maybe $20. What, how, and who do I see to resolve this issue. Am I in trouble?

Terry Says

You might be, depending on how much you owed. If you owe tax and don’t file on time, there’s a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%

This is the time to find a CPA — not a storefront tax preparer. Gather all your records and set up a meeting. Or, if you’re too fearful to do that (and I understand the dread), use this link to the TurboTax live helpline. They can point you in the right direction.

But please don’t delay. The problem can only get larger if you wait.

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