Filing a Late Tax Return Doesn’t Necessarily Mean You Owe Back Taxes
The tax world is full of technical jargon that might not mean very much to the layman. But one distinction you really should pay attention to is the difference between back taxes and late taxes, especially if you’ve neglected your taxes in years past.
The phrase “back taxes” gets thrown around a lot in reference to all sorts of different tax issues from previous years. It often gets mixed up with the term “late taxes” and, in certain quarters, the two are used interchangeably.
But in reality late taxes do not necessarily result in back taxes – all back taxes are late taxes, but not all late taxes are back taxes.
So what exactly are back taxes and how are they different from late taxes? Read the rest of this entry »




