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Unfiled Tax Returns

Once a taxpayer has a missed tax return filing, many become worried about the potential Internal Revenue Service (IRS) issues and decide not to submit a return in future years. This increases the problems the taxpayer will have with the IRS as penalties and interest is added to the amount the IRS thinks you owe. The IRS will file a Substitute for Return (SFR) for all the missing tax years. The issue with the IRS filing an SFR is that it benefits the government, not you. The taxpayer will most likely miss out on credits, deductions, and any other tax breaks under current tax law.

You can alleviate much of the stress related to SFR by hiring LifeCycle Tax and Wealth Management. Our staff can help give you peace of mind throughout the process by helping you get in compliance with the government. LifeCycle’s staff has Enrolled Agents with years of experience understanding the IRS’s system and helping with solutions that are in the taxpayer’s best interest.

The best way to start the process of correcting IRS tax issues is by filing all returns from missing years. It is critical that you get current with the IRS. It is very likely that you will owe taxes, interest, and penalties after all missing returns are filed. LifeCycle Tax and Wealth Management will help you create a plan of action once all returns are current.