Request a tax transcript from the IRS if you can’t get copies from the payers
today, many employers and fiscal institutions ( among other types of payers such as publishers and freelancer gig platforms ) will make your tax forms available to you online. Many will allow you to access these forms at any prison term, but sometimes this information is only available in a very shortstop window. If the company has gone out of business, it can prove difficult or impossible to get these records directly from the source .
If your employer or clients will not release copies of your tax forms, you can see which forms were filed with the IRS by requesting a tax transcript .
A tax transcript details types of income that were reported to the IRS, such as :
- Wages and salaries on Form W-2
- Non-employment compensation, royalties, and other miscellaneous income on 1099-MISC
- Retirement plan distributions on 1099-R
- Interest on savings and other assets on 1099-INT
- Dividend payments on 1099-DIV
- Stock sales and other investment activity on 1099-B
If you are missing records to correctly file your back taxes, the transcript you want is the wage and Income Transcript. You can request information as far back as the past 10 years.
Tax transcripts provide you with verification of which forms were filed with the government and can help assure you that your entries on your back taxes are accurate. People will frequently request them to by rights respond to IRS notices, deal with identity larceny, and prepare back taxes .
Thoroughly examine your financial records for items that are not reported on tax transcripts
If you are freelance, it ‘s plausible that you do not receive 1099 forms from every client. You still need to report your income that does not show up on a tax transcript and all of your business expenses.
If you need to assemble this information, you need to start with these areas :
- Bank statements
- Digital payment processor records (I.e. PayPal, Venmo)
- Credit and debit card statements
- Email receipts
- Paper receipts
- Canceled checks
- Deposit slips
even if you are not freelance, you may have assorted income that must be reported, such as proceeds from personal property sales or a acquire lottery ticket. You could besides be missing crucial deductions for health indemnity and medical expenses, charitable donations, and student lend interest payments. Make note of these items in a spreadsheet.
If you are freelance, it ‘s a dear idea to start separate bank, credit card, and requital processor accounts so that your business expenses are easier to differentiate from your personal expenses, and more likely to be deductible as a solution .
How Jackson Hewitt can help
Falling behind on your taxes can be a chilling view but it does n’t have to be. Lacking the necessary records can present a irregular roadblock, but there ‘s a very strong probability that the IRS has backups if you ‘re unable to get in touch with the original payers. For records where the IRS does not have copies, start with your own fiscal records then organize them .
If you need help requesting & getting all of your records in order, Jackson Hewitt ’ randomness team has a wide variety show of tools to manage tax issues. Whether simple or complex, our team is trained to work directly with the IRS and keep our clients updated throughout the process. Contact us to learn about our resolution process and see how entrust Jackson Hewitt is to working hard for the hardest function .