What to do if you're 2 years behind on taxes

@the_only_consultant

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Why it worked

The video addresses a common and stressful financial problem (being behind on taxes) with practical, actionable advice. It uses a relatable tone and breaks down a complex issue into manageable steps, making it highly shareable and valuable to viewers.

Summary

This video explains how to handle being two years behind on taxes. It advises logging into the IRS portal to gather necessary documents, filing the oldest year first, and then organizing finances by category before filing the subsequent year. It also warns against setting up payment plans prematurely and emphasizes paying state taxes first due to their strictness.

Structure

1Introduction to the problem
2Accessing IRS portal for documents
3Organizing financial information
4Filing oldest year first
5Addressing state taxes
6Avoiding premature payment plans
7

Original caption

Psst a lot of people are 2+ years behind on taxes 🫣 I understand filing tax isn’t a priority but at the end of the day you need compliant and accurate tax returns to build wealth ❤️ it’s step one. We can help you, judgment free #taxtok #latetaxes #irsupdate

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Product placement

The video mentions the IRS portal (irs.gov/account) and implicitly promotes the services of 'The Only Consultant' (via the creator's bio link) for tax assistance.

Call to action

Follow along for more judgment-free tax help.

On-screen text

What to do if you're 2 years behind on taxes

Transcript

Here's what you're going to do if you're two years behind on taxes and don't know where to start. We are not going to jail and we are not going to panic file. Log into your IRS account. Irs.gov/account. Everyone has one. You can verify that you filed the last year that you filed. See if there are any notices. Pull up any old W twos or 1099s that portal is going to be your whole tax situation. It's a beautiful place to start. Do the same now for your state. There are two penalties: one for not filing and one for not paying. Both are accruing interest daily. Eventually the IRS will file a substitute for return for you. This is especially bad news if you're self-employed because they're going to tax you on your full 1099 number and not your profit after your expenses. So what are we going to do? We're gonna go step by step. We're gonna file the oldest year first. Collect everything you can between the portal. To organize your, you can go through your bank statements, pull them all out by category. Then do the same thing for the following year. Don't set up a payment plan yet. Wait until all your returns are filed and then set up the payment plan. And always pay your state first. They are extremely petty, especially New York and California, if you know. And the IRS is backed up, so for any to paper mail, make sure you send it USPS certified mail and get that tracking number and keep it for your records. A lot of people are actually their taxes and just never talk about it. Because I'm an accountant and that's what we specialize in. Follow along for more judgment-free tax help.