Recently we had a couple of clients, Rick and Lana who because of illness hadn’t done their taxes in 10 years. The government assessed that they OWED the government $15,000 and they wanted their money immediately.
Rick and Lana were getting letters from the government pressing them to file their past year tax return and to pay what the government had calculated they owed, $15,000. They had been in the hospital for a majority of this time. It is hard to do your taxes when you are both ill and in and out of he hospital, and easy for taxes to just pile up. We see it all the time.
But, instead of just filing for 1 year, Tracy Sun, our Senior Tax Specialist filed their taxes for the past 10 years, and she made sure to take advantage of ALL the possible tax credits she could. This resulted in a refund of $89,000 instead of an owing of $15,000.
So if you are receiving letters from the government, like Rick and Lana had been, to file your last year income taxes, don’t hesitate to file all of the years that you haven’t filed for, and we can find all the tax credits you can tack advantage of!
How would that make you feel to go from potentially owing a bill the government has sent to you to instead a big fat refund?