Here is a reason to always file your tax returns…
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I just resolved a case where my clients did not file their 2011 and 2012 returns. This resulted in the IRS making an estimate of their liability by what is known as a “Substitute for Return.” These estimated returns are most always incorrect and usually overstate the amount owed. They can turn what should be a refund into a balance due.
The IRS had my clients owing $23,000 even though my clients really did not owe anything. To make matters worse, an IRS levy was placed on wages to collect the liability, taking $690 per month, an amount my client could not afford.
We prepared original returns for our client, which showed they were actually entitled to refunds. The returns were personally hand-filed at an IRS walk-in center, and the levy was promptly released as there were refunds due. A $23,000 liability turned into about $1,500 in refunds (my clients will not receive the refunds – the returns were filed too late).
Substitute returns can cause havoc. They usually have the wrong filing status. There are no dependency exemptions. There are no deductions for mortgage interest and charitable contributions. If a business is operated, the tax is calculated on the total gross income – no allowance for business operating expenses.
I have seen well-intentioned clients with no income other than stock sales get tangled up in IRS substitute returns. Since their stock was sold at losses, they believed that they did not have to file. But the IRS did not know that – all they know is the gross sales price. The IRS calculated a significant liability, and a tax levy was issued. After I was retained, original returns were filed, with the stock losses calculated and reported. The returns had a refund, and a levy release was secured.
If you have not filed, the damage done by IRS substitute return can be significant – incorrect balances owed, tax levies, and lost refunds. Try not to ignore IRS warning notices that they are considering filing substitute returns. It can be fixed, but it is best to be addressed sooner rather than later.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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