Need Immediate Tax Advice For Past Returns You Did On Your Own For Your Business? What To Do Now
Posted on: 28 October 2019
Share
Working on your own and from home and running a business requires a lot of financial management, and if you think you are in tax trouble, you want to talk with a tax professional. If you worry that you filed your taxes improperly the last time you filed, and that may be in trouble, you want to get on top of the problem right away.
If the IRS has flagged your taxes already and you are being audited, this is another reason to get help fast. Here are some of the things that should be done so you can try to correct or resolve the problems from the previous return and make sure you don't have any other problems moving forward.
Get Your Tax Returns
You want to have the tax expert go through your previous years return so they can see where you went wrong. They also may be able to see what types of problems you are going to face. If your taxes haven't been processed yet or you just got an audit notice, see what can be done.
The tax professional may be able to jump ahead of the audit and ask to refile, or ask for a delay to make corrections. They will also want to see your finances.
Gather Financial Information
Gather all of the business and your personal financial information. This includes bank accounts, profits, operating costs, expense reports, billing, and more. They will want to go through everything to make sure that you put the right amounts in on the tax documents and that you knew what was taxable income.
They will also need this information so they are able to file the next year's returns for you. If you know that you may be in trouble and that you may need to do a tax resolution, do not hide any of your money from the IRS or your tax professional.
You want a licensed tax professional, and you may need to consult with a lawyer as well if you think that you may have major tax complications. Don't waste any more time and take all of your tax information to be looked at, the letter that you got if you were audited, and all your financial information that would be relevant to filing taxes. Getting on top of the situation before it becomes a legal issue is the best thing you can do.