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What happens if you lose your tax information?

By Andrew Vasquez |

What else you can try: Call the IRS. The IRS might be able to contact your employer about the missing tax document. But if you’re up against the filing deadline or your employer went out of business, you can file IRS Form 4852, which is a substitute W-2.

Will I get audited if I made a mistake?

While auditors are experts at detecting fraud, sometimes an honest mistake can seem like evasion. Thus, it’s wise to get a professional to review your return before you file it. If it’s a simple error, you might just need to explain it to the IRS and accept the proposed changes.

What do I do if I lost my 1099G?

Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. If a taxpayer doesn’t receive the missing or corrected form in time to file their tax return, they can estimate the wages or payments made to them, as well as any taxes withheld.

Who are the people who owe back taxes?

Tax ­mistakes can happen to anyone — just ask President Obama. At last count, at least four nominees to Obama­’s administration were found to owe back taxes. Tom Daschle, nominated to head the U.S. Department of Hea­lth and Human Services, owed more than $100,000 in taxes related to unreported income and untaxed limousine service.

What happens if you wait until the last minute to file your taxes?

Depending on the amount someone owes and how long he or she waits to pay, interest and penalties can mount up in a hurry. If you need any more motivation to get started on your taxes early, the IRS notes that people who wait until the last minute to file typically make more mistakes on their returns.

What’s the penalty for filing late with the IRS?

In addition to charging interest, the IRS also charges a penalty for filing late (5 percent of the amount owed for each month or partial month the payment is late, up to a total of 25 percent). Depending on the amount someone owes and how long he or she waits to pay, interest and penalties can mount up in a hurry.

Is it cheaper to file a tax return electronically or by paper?

If you’re filing jointly, both individuals must sign the return. Better yet, file electronically, or e-file. According to Green, processing e-file returns costs the IRS 35 cents, compared to $2.87 to process a paper return. You’ll be helping yourself, too. E-filing can result in quicker turnaround time for refunds.