Sunday, September 7, 2008
File Those IRS Back Taxes and Get Out Your Amended Tax Return
Have you filed your the Monkees this year? How about last year or the year before, did you file those? If you answered "no" to those questions then you have a problem with the IRS.
Everyone has to pay taxes... You may have heard that you loan consolidation education have to pay by a Tax Protester; or maybe someone told you that you don't have to file your taxes if you make below a certain amount per year.
Don't listen to the Tax Protester. Their Wonder Woman that they don't have to pay taxes has been denied in every court in the country.
What about income? Basically if you made less than $10,000 in a year you may not have to pay taxes.
The rest of you though...have to file an income tax return every year. After all you can go to jail car free insurance online quote not paying your taxes, just like Al Capone. You shouldn't worry too much about jail time though; what you need to worry about is the IRS filing your unfiled years for you.
The trap is sprung! When you don't file your tax returns you're entering a quagmire of debt that you may not have any hope of getting out of. And depending on how many years of unfiled taxes you have the worse off you are. What can you do though? The IRS has already sent you a bill.
They don't give you much...When the IRS files your unfiled tax returns for you they only take into account your standard deduction as a single tax filer with no deductions or credits. If the IRS files your returns for you, you are guaranteed to owe money on those tax years. This is called a Substitute Filing Return, and it's the IRS's way of telling you to file your own taxes on time.
So how do you beat a Substitute Filed Return? You have to file an amended return. An amended return is where you have to prove to the IRS that they should take your tax return. You will have to provide proof of all your deductions and prove to the IRS that their assessment of your tax return was wrong. By filing those amended returns you can significantly reduce your tax debt, if the IRS accepts them.
There's good news and bad news...But you want to know about your refund, don't you? Bad news there, even if your amended return shows that you have a refund due, you do not get it unless the return is from last year or the year before.
File your taxes on time each year. You can even apply for an extension until October 15th to get your taxes in, so you don't have any excuses.
Now you have the smoking gun...Use it!
Richard Close was an IRS-Hitman. He worked as a revenue officer for the IRS and his father was the head of the collections branch for 30 years; so it runs in the family. He left that behind and now he's partnered with Tax Defense Network to help thousands of Americans with their tax problems. He gives the tips and tricks for you to fight the IRS and win! Visit him at: irs-hitman.blogspot.com">irs-hitman.blogspot.com or www.taxdefensenetwork.com">www.taxdefensenetwork.com, or contact: email mailto:irs-hitman@taxdefensenetwork.com">irs-hitman@taxdefensenetwork.com or 1-888-248-9058.
