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FlyFin’s ultimate guide on how to file back taxes

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FlyFin’s ultimate guide on how to file back taxes

Forgot to file your tax return? We’ve all been there at one point or another. Don’t panic, the IRS isn’t going to hunt you down just yet. Forgot to file them twice in a row? You still don't need to panic because you can still minimize the negative impact on your finances. Each year, every American citizen who has an income files a tax return. Tax filing can get pretty complicated, but everyone files taxes with a form 1040, and if you have a regular 9-5, you pay federal income tax. But if you’re self-employed, an independent contractor, a freelancer or a gig worker, you’ll receive a form 1099 from each entity that you worked for. You’ll then use the information on them to fill out form 1040 at the end of the year, and you'll use a 1040-ES throughout the year to calculate your quarterly tax payments. If you do not file a tax return, the IRS keeps a record of that. You are allowed to file back taxes to pay the IRS in the next year, but you will have to pay some penalties. You should always try to file your returns as soon as you can, so that you can claim any refunds you’re owed.
Key takeaways:
  • If you do not file a tax return, you can file one the next year.
  • If you fail to file on time, you will be penalized.

Table of contents

Can I put off paying taxes to the IRS?...Read more

I haven’t filed a tax return, am I in trouble?...Read more

Is it too late to file my tax return?...Read more

Can I put off paying taxes to the IRS?

If you miss a tax filing deadline, you can apply for a tax filing extension. This extension gives you six extra months to file a return. But remember, you still have to pay the tax amount by the original deadline because the extension is only applicable to submitting the paperwork. So, if you’re in the middle of a family emergency, or haven’t received some important forms from your clients, you can file for an extension on your tax filing by filling out Form 4868 and sending it in along with your tax payment. The IRS allows you to claim refunds on your returns for only three years. After that, you are no longer eligible to receive that money, which makes it all the more important to file on time. So if you’re asking yourself, "Where’s my refund?", you better double check those dates. If you’re struggling to keep track of your business expenses so you can get those sweet, sweet deductions, look no further than FlyFin. Just link your expenses, and our A.I. tax engine will find every possible deduction you can use to lower your tax bill every tax season. You can also reach out 24/7 to CPAs directly in the app, who are experts in 1099 tax law.

I haven’t filed a tax return, am I in trouble?

Anytime you miss a tax return deadline, you’ll be hit with penalty fees. The “late filing” penalty fee is 5% of the tax amount you owe for every month. However, if you file on time but can’t pay the amount in full, you’ll have to pay the “unpaid penalty” fee which is 0.5% of the owed tax amount for every month until you pay it off or the amount hits 25% of the tax you owe. Consistently forgoing filing a tax return can also mean that the IRS files one for you. While this may seem like a win, they will not take into account any tax write offs or tax credits that you may be able to deduct. So, you'll be stuck with a significantly higher tax bill, and the IRS might audit you. Failing to pay the IRS can also affect your eligibility for any loans that you’re looking to get, whether they are for personal or business reasons. So, if you’re trying to buy a house and applying for a mortgage, an outstanding tax return will hurt your chances. Another big problem that you may encounter is missing out on your Social Security and Medicare benefits. Not paying your 1099 tax may cost you a pretty penny if you have a medical emergency or live with a disability that requires constant medical care.
Infographic entitled What Happens If I Don’t Pay My Taxes On Time? showing 4 consequences of what happens if you don’t pay taxes on time and have to file back taxes

Is it too late to file my tax return?

Good news: probably not. You can file back taxes for up to six years. If you do this, the IRS will consider you in "good standing". If you do want an IRS tax refund, you’ll need to file no later than three years past the due date. So, how do you actually file back self-employment taxes? First, you’ll need to gather all the invoices and forms you received during the years you’re filing for. You can also ask the IRS to send you any tax information that you may need. You can make this request using Form 4506-T. Make sure to also use the correct version of the forms you’re filling out. Next, fill out your tax returns. If you’re filing only one to three years late, you can use the IRS’ e-filing system. Anything over three years, you can still fill it out online, but you’ll have to mail it in yourself. You can send in the tax and penalty amount that you owe along with this. Any mistake you make when filing can be corrected with an amended return that you’ll send to the IRS using form 1040-X. If you are unable to pay the amount you owe, you can ask for your penalty to be waived or enroll in the IRS’ payment program to pay it off over time. You also have the option to request this through Form 9465. The IRS generally considers this on a case-by-case basis, so make sure you show them all the necessary information when you make your case.
Infographic entitled Steps To Filing Back Taxes showing a step-by-step process on how to file back taxes.
Remember to keep an eye out for confirmation that the IRS has processed your returns. If you’re wondering where your refund is, know that it usually takes them 6 weeks to process a paper request. So it’s best to mail them in as soon as you can. The bottom line is that missing a tax filing deadline isn’t the end of the world. Just make sure that you send in your return as soon as you can with all the proper information, and you’ll be back in good standing with the IRS in no time.

Tax Write-Offs

Self-employed individuals can use tax write-offs to lower taxes. These itemized deductions should be reported on Schedule C.

How Long Should You keep Tax Returns

American taxpayers need to keep tax records for at least three years. This may change depending on which state you live and the type of business you run.

Tips For E-Filing 1099 Taxes

Filing taxes is a complicated process, but following a few simple but crucial steps can help you be prepared to e-file your 1099 taxes.

Top 5 things to remember about 1099 tax form

Remember these five important things about 1099 taxes, if you're a self-employed individual, freelancer or independent contractor.

Filing Taxes Self Employed

Only FlyFin uses a unique combination of A.I. and CPAs to find every qualifying deduction for freelancers, self-employed individuals and independent contractors.

Deductions For Tax Savings

For freelancers, the most effective way to save on taxes is by taking advantage of tax credits and the many tax deductions they qualify for.

Top Ways To Save Taxes Using Write Offs

Looking to maximize your refund for the 2023 tax filing season? Check out our guide to the top 10 tax write-offs for W-2 employees, independent contractors, self-employed individuals, freelancers and small business owners.

How To Maximize Tax Refund

These tips and tricks can help you maximize your 2023 tax refunds and also help you understand how to minimize your tax liabilities in many more future tax seasons.

Claim Tax Deductions For Small Business

Small business tax deductions are the same as tax write-offs. You can claim a standard or itemized deduction based on your business expenses to decrease your taxes.

Self Employed Tax Filing

Self-employment tax forms like Schedule C and Schedule SE should be included with form 1040 when filing taxes.

How FlyFin Helps Claiming Tax Write Offs

Tax write offs are business expenses that are tax deductible. With FlyFin, you can easily claim itemized deductions and bring down your tax amount.

File Taxes With W2 and 1099

You can file a 1099 and W-2 together if you receive them in the same year. This can also lower your quarterly tax payments or get you a QBI deduction.

Tax Filing For Green Card Holders

Anyone who has a green card in the USA will need to pay taxes if they meet the IRS-set income threshold.

Avoid Penalties For 4th Quarter Estimated Taxes

Estimated taxes are required for self-employed individuals on a quarterly basis. If you missed the deadline for the fourth quarter, there is still time to make the payments and avoid penalties.

How To Deduct Stock Losses From Your Taxes

Capital loss deductions allow for taxpayers to write off stock market losses and pay less in taxes. The IRS allows you to deduct up to $3,000 per year.

How To File Patreon 1099 Taxes

Patreon creators can use FlyFin’s 1099 calculator to find business expenses they can write off on their tax forms.

Tax Write-Offs

Self-employed individuals can use tax write-offs to lower taxes. These itemized deductions should be reported on Schedule C.

How Long Should You keep Tax Returns

American taxpayers need to keep tax records for at least three years. This may change depending on which state you live and the type of business you run.

Tips For E-Filing 1099 Taxes

Filing taxes is a complicated process, but following a few simple but crucial steps can help you be prepared to e-file your 1099 taxes.

Top 5 things to remember about 1099 tax form

Remember these five important things about 1099 taxes, if you're a self-employed individual, freelancer or independent contractor.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.
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Expert tax CPAs ensure 100%-accurate tax filing

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A.I. finds every tax deduction, eliminating 95% of your work

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