Filing Late Taxes.....HELP!!!!!?

Filing Late Taxes.....HELP!!!!!?
I'll admit I am the total procrastinator, so please save the comments. I need advise, I haven?t filled tax returns for my wife and I since 2002. My wages have been garnished for the 2003 tax year, but I didn?t learn my lesson. I just got another letter saying I owe for 2004 but its more than I can pay. I stand to loose my home, and pretty sure wife if this happens. Where is the best place to turn for advice and someone who can basically hold my hand through this step by step to file my old returns, and hopefully get me up to par? Background Married, father of one and own my home. Wife worked and I worked full time each year Total income $100,000 On a side note my wife now stays at home rasing our little girl and keeping me from causing issues like this.


Answers:

crazydave:  If you had a refund coming, there is no penalty. If you file more than 3 years after the due date (April 15, 2003 for the 2002 return), you will forfeit any refund. If you owe taxes from those years, there will be substantial interest and penalties and the 3 year limit does not apply here. Best to discuss your situation with a tax professional (i'd stay away from the franchises) and see what they can do for you. The IRS can probably set up a repayment schedule if you show a good-faith effort to repay.
2006-12-19 15:12:57
Chosen Answer
mattapan26:  Crazy Dave is right. 1) You need an accountant to prepare the unfiled returns; 2) you need to prepare Form 433A, Collection information statement for individuals, 3) you need to prepare Form 433D, installment payment plan application. 4) You need to get the accountant or a tax lawyer to contact the IRS and get the levies stopped while you work out an installment payment plan. YOu need to do 1, 2 and 3 by Christmas or Santa Claus won't come to your house. The IRS will put an intercept order on your gifts. Tell yourself whatever lies you need to. Just don't procrastinate any longer. Believe it or not, the IRS would rather have you pay voluntarily than levy on your income. If you need a tax lawyer, try your state bar's website for a list of legal specialists in your county.
2006-12-19 15:26:22
tma:  please compile all your tax documents as soon as possible and bring them to an accountant, or even H&R Block. it doesnt pay to do them yourself. it is better to use tax software, and you would need it for the past 3 yrs, since every year is different. with your salary you can afford to pay someone, and get rid of the headache. if your tax return is relatively easy, ie you both have W-2s, this can be done in a few days. hopefully you have all your records organized. this is unfortunate b/c the amount of money you lost due to interest and penalties accrues daily and im sure will be a hefty amount. if you cant pay everything at once, you can set up a payment plan with the IRS. better to get the ball rolling. the IRS doesnt know how much you owe, and the tax they calculated is an estimate. you wont find out the real amounts until you file your tax returns.
2006-12-21 04:18:15