Not filing your taxes is a serious tax problem. We have clients who have not filed in years that come to Plano Tax Prep for tax help. We file for them the unfiled returns which are accepted with no legal complications. Then we seek an installment agreement, after we determine the amount of the back taxes.
If you do not file your tax return when due, the IRS, in many instances, will file returns for you. These substitute for returns (SFR). When we see an SFR against a taxpayer we know we stand to do a lot of good; especially if they are self employed. Why? When the IRS files SFR’s for your unfiled returns, they will ignore the cost of doing business and only include your income. When they do that their concern is not about your accurate return but about a tax assessment that will create a tax debt they can begin to go after with all the collection arsenals that they have. Their arsenal include actions such as a bank account levy, an IRS seizure of assets and of course the well publicized and heavily utilized tax lien. If you have delinquent tax returns and need help, give Plano Tax Prep a call today.