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Filing Back Taxes: Conditions to Wipe Your Tax Slate Clean
Missing a tax filing deadline or failing to pay your tax bill in full can have serious consequences. The IRS recommends filing past-due tax returns as soon as possible to limit penalties and interest on the amount you owe. If you owe back taxes, you must file a past-due return with the IRS. The process is similar to filing an on-time tax return, but there are a few things to keep in mind. Here, we discuss all these things and also the conditions under which your tax slate can be wiped clean.