Video instructions and help with filling out and completing Are Form 843 Individuals

Instructions and Help about Are Form 843 Individuals

Hello everyone today I want to talk to you about a substitute for return sfr now what is an sfr a substitute for return this is a return that the IRS will file for you if you don't file a tax return now usually it takes them a couple of years or so two or three years before they will file an sfr but eventually they will follow one for you and this you don't want and the reason why you don't want this is because if the IRS files an SF are for you the amount owed is going to be greatly exaggerated due to the fact that you don't get personal exemptions and other credits and deductions that you might be entitled to when they file the substitute for return you're basically only getting the standard deduction so it would be in your best interest to file your past view returns otherwise you're it's going to show that you owe thousands of dollars to the IRS that you actually don't oh um what happens before they will file the sfr they'll send you a notice of proposed assessment and what that is is pretty much it's an educated guess as to how much they think you will owe for that particular tax year again it's a notice of proposed assessment it's not edged in stone and you don't owe that amount they're just basing that off of other information that they've received and from prior year prior year's tax return so um again the SF our substitute for return is when the IRS will file it for you and it's again it would not be in your best interest to do that if you ignore the notice of proposed assessment that you receive and they do end up filing a return for you this could lead to wage garnishment Bank levies lean liens on your property and in most cases that drama can be avoided so to speak so even if you don't have the money to pay if you oh it's better to file your returns than not filing returns so much can happen on the negative forefront if you don't file your tax returns again there's the possibility of wage garnishment bank levies liens on your property and these things will affect you especially a lien it because that gets reported on your credit report so for those of you who are concerned about your credit report which most people should be concerned about their credit report the lien gets placed on your credit report and leaves are very very bad on your credit report so regarding the substitute for returns um again simply filing your past-due return will eliminate most of the proposed tax debt that the IRS states that you owe because again when you file your return yourself you know what personal exemptions what credits and other deductions that you're entitled to and you will take those deductions but the IRS doesn't give you those deductions even if they were to know about them you're just getting the standard deduction so for those of you who have passed do returns that you not filed especially if it's been over three years and you've received notices from the IRS please do not ignore the notices it's not going anywhere the notices will continue the penalties and interest will continue to accrue and eventually a molehill will turn into a mountain so to speak and you'd have all kind of problems because if you miss the time to respond to them then basically you forfeited your chances of correcting your tax situation and then in that case even if you didn't owe thousands of dollars if you ignored it and just did nothing about it in the time frame has passed you're going to be paying money that he didn't necessarily have to pay so again when the IRS files for you it's called a substitute substitute I'm sorry substitute for return sfr and you don't want this to happen file your past-due tax returns even if you oh and don't have the money to pay again it's better to file then not to file you can find out more information about substitute for returns on the IRS's website which is WWII RS gov or there are other various links on the web that you can refer to as well but in a lot of cases with those links those are companies advertising their services stating that oh they can get you out of this situation that you're in again for substitute for returns it's a pretty easy fixed meaning that just by oh you're passed through returns and you should reduce that tax liability quite a bit now more than likely the is going to be penalties and interest that has been tagged on to it but you can possibly abate some of those interest in some of that interest and penalties as well by filing a form 843 which is a penalty abatement you can find information on this form on the website the IRS website as well and for those of you who have tax issues or tax matters that you need to deal with and you want an honest and ethical opinion please feel free to visit my website at WWE Tag scalp calm again that's wwo geotextile com au the IL TX h LP calm and let us know if we can help to make your life a little less taxing