Wishing it Would All Go Away Doesn’t Work With the IRS
A harried woman juggling kids, housework, jobs, and life, in general, gets fed up and utters the magic phrase:
“Calgon, take me away!”
Immediately, she is whisked away to a luxurious bubble bath, where all her cares appear to melt away.
Sounds pretty good, doesn’t it?
It resonated with its target audience and is still one of the most iconic commercials of all time.
The sentiment is just as true today as it was back then.
Life Gets Overwhelming… and We Just Want It to All Go Away!
With taxes though, that’s really not a good strategy.
As much of a pain in the rear as they can be, we need to address them.
Still, some people choose to ignore these tax deadlines and notices.
They are hoping to wake up in a beautiful bubble bath, perhaps?
Nothing would happen… at first.
Let’s say you don’t file your taxes on April 15th (or 17th, or whatever the deadline happens to be).
You aren’t likely to have a SWAT team show up at your door, ready to take you down, the very next day.
It may take a while for the IRS to realize you are a non-filer.
In fact, some people think that if they don’t file their tax return and nothing happens for 10 years, they are magically off the hook.
They may have heard that the IRS has only 10 years to collect (and that’s a long time, by the way)! Yes, that’s true.
But the clock doesn’t start ticking until a return is filed.
Here’s How You Can Rack Up a Huge Tax Bill without Even Knowing It
If you don’t file a tax return yourself, the IRS is able to create one for you, known as a Substitute for Return (SFR).
Let’s say you live under a rock (or in a large bubble bath, albeit with very wrinkly skin by this point) for 15 years without filing a return. One day the IRS finally wakes up to this and files SFRs for you, for each of those 15 years.
Guess what?
Any tax you owe will be subject to whopping interest and penalties as well.
Do Yourself a Favor and Start Taking Steps to Get Right with the IRS Today
Just be aware that it’s not the IRS’s responsibility to look out for you.
They won’t, for example, make sure you take advantage of all the ways you can legitimately lower your tax bill.
An Enrolled Agent (EA) will though!
That’s why, if you’re hiding out now, you’ll likely need to expert advice of a trained EA to ensure that you don’t get soaked.
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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax Problem Solutions as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.
The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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https://twitter.com/SFSTax/
https://linkedin.com/company/sfs-tax-problem-solutions
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