If you owe the IRS back taxes, it’s easy to become overwhelmed with the process. The task can seem even more daunting if you no longer have valid income records from your employee. So, how do you file back taxes without W-2 or 1099 forms?
In this guide, our team at Levy & Associates, Inc. shows you how to navigate this process.
Your first steps should be gathering any relevant wage and income documents. Contact your employer to see if they can provide the required tax form for that specific tax year.
Even if you don’t have your old W-2s or other traditional tax filing requirements, settling back taxes is still possible. Bank statements can provide a glimpse into your income history, as well as old pay stubs. These documents allow you to provide an accurate wage estimate.
If you need to file back taxes without W-2 or 1099 forms, an IRS transcript may be the solution. Employers, financial institutions, and other paying parties provide the Internal Revenue Service with wage and income transcripts each year. Requesting one for your return can potentially fill some gaps caused by the missing documents.
Say you owe back taxes from the last two years. If you’ve had the same job for the last five years with little change to your income, your previous returns could help you file your back taxes. While older documents may not completely align with your current situation, they can be a decent frame of reference.
When it comes to filing a tax return, the IRS outlines all of the information and documents that taxpayers need. Substitute forms exist for those who don’t have a suitable W-2 or 1099 document. Form 4852 asks for financial information, such as pay stubs and tax withholding amounts.
Owing back taxes already puts you in a vulnerable position. You don’t want to file them incorrectly and subject yourself to more penalties by the IRS. For peace of mind, consider hiring a professional to assist you.
Experienced accountants, consultants, and other professionals can help you avoid common tax return mistakes and explain the proper way to file back taxes without W-2 or 1099 forms. They may also provide tips for filing future returns.
Look for a firm like Levy & Associates, Inc., which has staff members devoted to all aspects of tax law. Seek someone with experience in this area and read client reviews and testimonials for a better sense of their work.
Depending on your financial situation, you may be able to pay all of your outstanding taxes at once. If this isn’t possible, you may need to enter into a payment agreement with the IRS. Paying back your taxes in installments is better than ignoring them altogether and facing larger penalties.
Discuss your options with a professional to find a suitable solution. Addressing your debt can provide peace of mind and potentially protect you from further consequences.
Don’t fret if you need to file back taxes without W-2 or 1099 forms. At Levy & Associates, Inc., we assist clients facing this issue and other complex tax concerns. With decades of experience and a team consisting of attorneys, accountants, former IRS staff, and other professionals, we’re dedicated to helping taxpayers.
Get in touch with us today to learn more about our services and how we can assist you. Submit our online form or give us a call at 800-TAX-LEVY to speak with a professional.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.