Who Should File Tax Returns for Previous Years?

Filing tax returns for previous years is especially important for:

1. Individuals Due for a Refund: If you overpaid your taxes, filing can get you a refund.

2. Individuals with Tax Debt: If you owe taxes, filing your returns can help minimize penalties and interest.

3. Self-Employed and Freelancers: Those who work for themselves often face complex tax obligations and can benefit from catching up on filings to avoid penalties.

4. Individuals with Income Changes: Significant changes in income, such as job loss or bonuses, should be accurately reflected in your tax returns.

5. Those Claiming Credits and Subsidies: Government programs like tax credits or healthcare subsidies require your tax returns to be up to date.

6. Foreign Workers in the U.S.: If you are a foreign worker, filing your returns helps avoid issues with visas and immigration services.

7. Individuals Planning Major Financial Moves: Having all your tax returns filed is beneficial when applying for loans, mortgages, or starting a business.

8. Heirs and Estate Executors: If you’re managing someone’s estate, you need to file their tax returns to properly settle their financial affairs.

If you fall into any of these categories or simply want to ensure your tax obligations are in order, don’t delay filing your tax returns for previous years.