Did you “forget” to file your taxes for a few years and now you’re scared to file.  Well, you can’t live like this forever so it’s time to see where you stand.  The last thing you want to do have the IRS realize you didn’t file and have them file for you. When the IRS filed for you, they don’t apply all of the deductions and credits you actually qualify for (because they don’t know what you qualify for), so that may put you in a worse position than actually filing it yourself.

Last week I wrote a post on what to do with your tax refund, but I also wanted to cover the options available to you actually owe taxes.  So first things first, if you owe this year and you didn’t sell a house, take realized gains from stock accounts, have a surge in income, etc. then you need to fill out a new W-4 with your employer, if you already claim 0 exemptions then you may want to request to have a set dollar amount withheld. If you are self-employed you may want to consider making quarterly payments to the IRS