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Why You Need to File Your Unfiled Returns | Unfiled Returns | IRS Says I Owe But Never Filed | Insight Law Firm May 20, 2012

Posted by Insight Law Firm in Income Tax, IRS, Tax.
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When you don’t prepare and file your own return, the IRS will file one for you.  This is called a substitute for return (SFR) and is created based on data reported from your W-2s and other income statements.  Once the IRS has prepared this substitute return, it can then proceed with collection activities against you to collect the amount of back tax it has assessed you.  You will also be subject to additional interest and penalties.

Even if the IRS has already prepared a substitute return for you, it is wise to file your own back returns.   The substitute for return will not include all of the deductions and credits you could qualify for by filing your own return.  Therefore, you will likely wind up owing more back taxes, more interest, and more penalties when the IRS prepares your return.  By filing your own returns, you can substantially reduce your overall tax liability and also reduce the corresponding interest and penalties.

If you have unfiled returns or are facing collection issues for tax debts arising from a substitute for return, consider contacting a local tax attorney for help.  Insight Law offers free consultations to Washington State taxpayers at (206) 397-4780, or click the Tax Attorney link below to visit our website.

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