Office Address

459 North Main Street
Port Chester, NY 10573

Phone Number

(914) 848-1225

Email Address

info@wisesolutionservices.com

Filing Past Due Returns

If you have missed the deadline to file your tax return for any year, you may be facing interest and penalties from the IRS, as well as losing your refund or benefits.

  • Avoid Interest

    Don't worry, we can help you with Filing Past Due Returns

  • Claim your deductions and credits

    Whether you have one or more years of unfiled returns, we can help

If You File or Pay Late

If you don’t file a required tax return by the due date, the IRS will charge you a 5% per month penalty for failing to file. If you owe taxes on the return, the IRS will also charge a 0.5% per month failure to pay penalty. Interest will also accrue on any unpaid balance from the day the return was due until the date you pay the tax in full.

Potential advantages of filing prior year taxes

Even if you aren’t required to file, you still might want to file a prior year tax return even if it’s late. This way, you can get a refund of any income tax withholding or refundable credits (going back up to three years).

If you have a business, you may also be able to have a net-operating-loss carryover if business deductions exceed income for the year. Additionally, if you owe self-employment tax for prior years and you file and pay, the IRS will report that amount paid to the Social Security Administration. If you don’t pay you won’t get credit for the unpaid amounts if you later file for Social Security benefits.