If there’s one piece of not so conventional tax advice that I try to tell people, it’s that past tax returns can help you in a lot of ways. From everything to making this year’s tax filing easier to pay down your bills to getting a better mortgage rate, hanging on to your past tax returns really helps you out.
I hope I have you convinced of their importance, but that still leaves a lot of people wondering: how do I even get my past tax returns?The easiest way to get past tax returns is, of course, to never throw them away. For those of us who file electronically, this means hanging on to the PDF copy of our returns in a dedicated folder. For those who file by mail, it means taking the time to make a copy (or two!) of your returns before mailing them off. However, you do it, hanging on to something is a lot easier than getting something back.But let’s say you were mailing your returns in at the deadline and so couldn’t make a copy, or your computer crashed,and so you lost all those old returns. Or you weren’t aware how crucial they could be. In those cases, you need to get those past tax returns actively. There are two ways you can do this:
Contact the IRS directly
The IRS legally has to hang onto your old returns for at least one year, so that they can check them against their records. If you need to get your past tax returns, they are a good place to go. Unfortunately, they are also a slow place to go. You may have to wait a few months for your request to be processed and then a few more while they send you those returns. You can make this process go a bit faster by requesting before or after the yearly tax crunch, but it will still take a little while.
Contact your e-filing company
If you used an e-filing service in the past, that’s the best way to get past tax returns. Like the IRS, they also keep them on file, but because it’s done electronically, they are more likely to have them going farther back, and that also makes then easier to access. This is why finding a good e-filing company and sticking with them is so important: because it helps you keep better records and get past tax returns faster and more easily.
Your old returns can be so helpful that it’s important to hang onto them for as long as possible. But if you lose them for whatever reason, it’s just as important to get your past tax returns back as soon as you can. Whether you go through the IRS or you old e-filing company, those returns can save you thousands so having them around should be a priority. Don’t put it off until the last minute and get delayed!
Check out with taxreturn247.com.au for more informations and help.