According to the IRS, a high-net-worth individual is one who makes over $100,000. They have a special department that looks into these individuals with unfiled tax returns.

For businesses, the IRS considers gross revenue. If a business has $200,000 worth of revenue after expenses and only $50,000 of income, it is still considered high net worth.

One of the biggest issues preventing people from dealing with unfiled taxes is unorganized books and lost receipts. There are a few simple ways you can get your tax returns done, even if your books are a mess.

Get all of your bank statements, both personal and business. List down your business income deposits and add them up. The total is your gross revenue.

If you are unable to get all of your expenses due to being in different accounts, use the biz standard method. Whether you are a contractor or a restaurant, each industry has different business standards. Take them as criteria in identifying your expenses. This IRS-approved method helps you put your taxes in order, especially for older businesses that urgently need to comply.

JLD Tax Resolution Group can help you solve a complex tax problem with ease. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.