IRS Debt – File Your Taxes – Or the IRS Will

Don’t Panic: So you know you owe taxes. you didn’t file, thinking the IRS couldn’t catch up. if you owe the IRS money, they already know. and it won’t be long before they find you when you don’t file a tax return, the IRS will go ahead and file it for you. That’s right

Money Out of Your Pocket: You’re entitled to your money. So you don’t want the IRS to file your tax return for you. when the IRS files your taxes it’s called Substitution for Return (SFR). when they do this, they give you the bare minimum amount of deductions. for instance, if you’ve never filed jointly, they’ll consider you single. if you’ve filed as married-jointly, they’ll consider you married filing separate. That’s less money in your pocket.

.and MORE Money Out Of Your Pocket: It doesn’t end there. if you have any stock or real estate sales, they’ll be added to your income at gross sales. but they won’t consider how much you originally paid. Let’s say you sell some stock for $10,000. They’ll add that to your amount of gross income, even though you actually paid $100,000 for that stock five years ago. the difference is not their problem. It’s up to you to report that kind of information. and you can’t if the IRS does a Substitution for Return.

Penalties and Fines: You thought it was over. no such luck. After the IRS files the Substitution for Return they’re still going to add Penalties for not filing. They also add Penalties for not paying, and Interest on both the Taxes and the Penalties. Failure to File penalties are applied each month. Your Tax Debt will skyrocket out of control.

Break the Habit: The lesson is simple. File your Tax Returns a Substitution for Return will always be filed in a way that is in the best interest for the IRS; not you. and if you haven’t filed yet, seek to file now. It’s better late than never. It’s not easy to file late, but you can decrease or even eliminate your debt.

Now you have the Smoking Gun.Use it

IRS Debt – File Your Taxes – Or the IRS Will

Related Websites

    Be Sociable, Share!