Un-Filed Tax Returns

There are many reasons why taxpayers fail to file their tax returns. It can be that the individual feels he or she made too little money to file, it can be because paperwork is missing or simply that filing was forgotten about. Whatever the reason, the fact remains that not filing a tax return is considered a criminal act by the IRS. This particular crime is a federal one, and can result in a maximum penalty of one year's jail time for each year not filed. If things look intentional on your part, additional charges such as tax evasion, can be added to your docket. This is a very serious point, so ensure that you file your taxes as denoted on an annual basis, as the alternative is grim, and unnecessary.

In cases where you have repeatedly not filed tax returns, the IRS may file what is known as an "SFR" (or Substitute For Return) tax return for you. This is the IRS version of an un-filed tax return. SFR returns are typically filed with the best interests of the government in mind, so that the only deductions available to you are standard deductions and one personal exemption.

What this means is that you will not get credit for the kinds of deductions most Americans qualify for, such as exemptions for spouses, children, property taxes and mortgage interest, among various other exemptions which can be very valuable for you. The fact is, everyone has the right to file their tax return, no matter how late it is. Filing now can save you lots of hassle and strain in the future. If you have unfiled tax returns, get tax relief with help from the IRS Problem & Tax Lien Help Group today.

Do you have an overdue tax return or have tax questions that you need answers for? Contact us for a free consultation first, and save yourself hundreds of dollars in interest and penalties.

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