Unfiled Tax Returns
If you have unfiled tax returns, you should be aware that failure to file tax your returns may be construed as a criminal act by the IRS. If you don’t file your own returns, the IRS may file “SFR” (Substitute For Return) tax returns for you. Because SFR returns are filed in the best interest of the government, the only deductions you’ll see are standard deductions and one personal exemption. You will not get credit for deductions to which you may be entitled, such as exemptions for spouse and children, interest and taxes on your home, cost of any stock or real estate sales, business expenses, etc. You may have heard, you have the right to file your original tax return, no matter how late it’s filed.