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How To Get Caught Up On Delinquent Taxes

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March 10, 2021

Right now there are millions of Americans that owe delinquent taxes to the federal government. Either they have filed but have back taxes that are owed, or they simply have not filed their taxes in many years. 

You know the saying…”You can run, but you can’t hide”? That is a very true statement when it comes to your delinquent taxes. 

You may be able to “run” or avoid them for a while, but it will only last so long before the IRS comes knocking or before your conscience gets the best of you. 

If you are delinquent on taxes, there is a way to get caught up and get in good standing with the IRS so stay tuned and I’ll give you some pointers!

Why You Want To Catch Up On Your Delinquent Taxes

Alright, so you are a little behind on your taxes? You may be thinking, “It can’t be that bad.”

If you are a business owner, it’s time to get caught up.  Taxes are a very overwhelming part of being a small business owner. Especially, if you get behind.

Being behind on your taxes starts to weigh you down and I’ve seen it literally almost close the doors of small businesses and I don’t want that to happen to you. It’s time to crawl out of that doom and create a plan to get caught up!

It’s time to get caught up! Especially if you are a business owner! If you’ve watched my videos and follow my channel, you know I am all about simplifying taxes and bookkeeping for small businesses and I know that   

Steps To Go From Delinquent Status To Good Standing With The Irs

First, it’s going to be really hard to get caught up on your taxes if you’re not caught up on your bookkeeping. Check out this post where I outlined the steps you can take to get your records in order and ready for taxes.  

Once you’re caught up on your books and you have good numbers ready – it’s time to get caught up on those delinquent taxes.

How Far Back Do You Have To Go?

A question we see a lot when it comes to delinquent taxes is just how far back you actually have to file if it’s been a loooong time since you’ve filed your taxes. There is actually an IRS policy that says you have to file at least 6 years back. 

However, this can change. If you are a business owner, they might scrutinize you a little more and you could be required to go back even further. 

My biggest piece of advice if you are needing to get caught up on delinquent taxes is to work with a tax professional.  They can work on behalf of you with the IRS to figure out exactly what needs to be done. 

At Steadfast, we’ve worked with clients in the past to figure out how many years back they are required to go.  We can get transcripts of the most recent tax returns that actually were filed and we find out exactly what the IRS is looking for. 

In some cases, it’s also beneficial to work with a tax attorney who can advocate for you and potentially save you on back taxes owed.

Creating a Game Plan to Catch Up on Delinquent Taxes

I can’t emphasize enough that working with a tax professional is going to be beneficial here.  Filing delinquent taxes at certain times of the year may be more beneficial for you, especially if you need to get on a payment plan. 

The goal is not only to get caught up on those delinquent taxes but also to get in good standing with the IRS.  Many times, in order to do that, you’ll need to get caught up on payments as well. 

Of course, I know it’s hard to get caught up on payments, especially if you are a few years behind. It’s likely that you’ll need to get on a payment plan in order to get in good standing.

Immediate Steps You Need to Take When You Have Delinquent Taxes

If you know you’re delinquent on your taxes, a few immediate steps you can take to get caught up are:

  • Gather all notices, letters, statements, etc that you have received from the IRS
  • Get caught up on your bookkeeping
  • Gather all documents that pertain to your taxes such as W2s, 1099s, interest statements, etc
  • Reach out to a tax professional and see how they can help

Don’t Wait, Take Action

If you have delinquent taxes that need to be caught up or even if you are just looking for the current year’s taxes to be filed and you’re a small business owner, feel free to reach out to use.  

Click here to fill out some basic information and we will reach out to you shortly.  We’ll be happy to see if we can help

We know this can be tough, but getting professional help for your delinquent taxes is the best way to know all your options.

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