Prior Year Tax Preparation (2020–2024)

 

The Consequences of Not Filing

Many people avoid filing back taxes because they are worried about what might happen. However, the consequences of staying "off the radar" are much more costly than getting caught up.

• The "Failure to File" Penalty: This is one of the IRS's most expensive penalties. It is 10 times higher than the penalty for just being late on a payment. If you owe taxes, the IRS charges 5% of the unpaid amount every month that the return is late. Filing now stops this clock immediately.

• Forfeiting Your Refunds: If the government owes you money, you must file within three years of the original deadline to claim it. If you wait too long, the IRS legally keeps your refund, and it cannot be applied to other years or sent to you as a check.

• Loss of Social Security Credits: If you are self-employed and do not file a return, you are not reporting your earnings to the Social Security Administration. This can reduce the monthly benefit you receive when you retire.

• Substitute for Return (SFR): If you don't file, the IRS may eventually file a return for you. However, they will often do so without including any of the deductions or exemptions you are entitled to, resulting in a much higher tax bill than if you had filed it yourself.

• Federal Tax Liens: Unpaid taxes can lead to a lien, which is a legal claim against your property (including your home and car). This can severely damage your credit score and make it nearly impossible to sell or refinance property.

Prior Year Tax Preparation (2020–2024)

If you need to catch up, I can help you get current for the same flat rate of $250 per year (includes Federal, KS, and MO). Just like current returns, this price is all-inclusive regardless of how many W-2s, 1099s, or Schedule C forms you have.

Electronic Filing Availability:

The IRS allows tax professionals to e-file the current year and the two most recent prior years.

• 2025, 2024, and 2023: These years are eligible for secure E-file.

• 2022, 2021, and 2020: Per IRS rules, these years must be paper-filed. I will prepare these returns for you and provide clear instructions on how to sign and mail them to the IRS and state agencies.

Why File Now?

• Claiming Refunds: Protect your right to the money you’ve already earned.

• Stopping Penalties: Filing now prevents further penalty accumulation and puts you back in good standing.

• Financial Readiness: Most lenders require at least two years of filed tax returns for home, auto, or business loan approvals. Getting current now ensures you are ready when you need to make a big purchase.

• If you have received a notice from the IRS and unsure what it means, I have links to the most common IRS letters here.