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Non-Filed Tax Returns

Every year the IRS is getting more sophisticated in how they verify tax returns. If you have not filled your tax returns, it is only a matter of time before they catch up to you.

According to the IRS website, taxpayers who do not file their tax returns are subject to the follow:

  • Penalties and Interest will be assessed and will increase the amount of tax due.
  • The IRS will file a substitute return for you. But this return is based only on information the IRS has from other sources. Thus, if the IRS prepares this substitute return, it will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability.
  • Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property.

Don't wait for the IRS to file your returns for you and start levying your assets. They file your returns in the best interest of the government with little to no deductions you are entitled to. Even if the IRS has already filed a substitute return, it still makes sense for you to file your own return to make sure you take advantage of all the exemptions, credits, and deductions you are allowed. The IRS will generally adjust your account to reflect the correct figures

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