Free Downloadable Things To Do For A 2 Year Olds Prior Years Tax Returns – 2 Tips to Prepare Your Prior Years Tax Return at Low Cost

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Prior Years Tax Returns – 2 Tips to Prepare Your Prior Years Tax Return at Low Cost

If you haven’t filed your tax returns in a while, you may owe the IRS back taxes. But on the other hand, you could actually have money coming to you but you just neglected to file your taxes. Either way, if you didn’t file a previous year’s tax return, it’s always a good idea to file it now and get out of the rut.

Now how do you do a previous year tax return? You have a few choices –

Option #1 Contact a CPA. You can always find a good CPA if you search your yellow pages. Maybe you’ve already done that first. Well CPAs are expensive, especially when you file a previous year return – but this is the option to pursue especially if you are completely lost, have no documents or are not sure enough. But if you’ve ever prepared a return yourself, you could easily prepare your previous year’s return. Even if you have not prepared a tax return yourself, if you are confident enough in your skills, you can try to do it yourself.

So how do you file a previous year’s tax return yourself?

Option #2- Use an Online Tax Service

One of the latest trends is to prepare your tax return using services such as turbotax or tax reduction directly on their websites. But even better, prepare your previous year’s tax returns using online tax preparation sites. Only a few tax vendors specialize in filing old tax returns online.

Do not get confused between the terms ‘online filing’ and ‘e-filing’. E-filing is the IRS system for filing your taxes electronically. Online filing allows you to prepare your tax using an irs approved vendor website. Online filing vendors also use the IRS’s efile system to submit your tax return to the IRS. However, ‘e-filing’ is only available for current tax returns – it is not available for previous year tax returns.

Using an online tax service is a stress-free and cost-effective way to prepare your previous year’s tax returns. There is no software to install, so even someone with limited computer experience can do it.

Option #3- Use Old Tax Software

Perhaps the cheapest option of all is to use an old tax software. You can use older titles from previous years to prepare your tax return. So let’s say you find Turbotax 2002 or Turbotax 2003 or even Turbotax 2007, you can load this on your computer and go through the steps to prepare your return. Most tax programs have interview-style questions – just like a tax professional would ask. This makes it easy.

Once you go through the steps, you can print the tax return on the tax forms, which will be exactly the same format as the previous year’s tax return. That’s the beauty of this. You don’t have to run around trying to find tax forms from previous years – the forms are built into the tax software. Using Legacy tax software to prepare your previous year’s tax return can save you a lot of money in tax preparation costs if you are confident enough in your computer skills.

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