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Posts Tagged ‘filing tax returns’

Tips for Choosing a Tax Return Preparer

A large number of taxpayers hire a return preparer to prepare and file their tax returns. Most return preparers are legitimate and honest. However, taxpayers can be in danger if they come in contact with fraudulent return preparers. Here are the eight points which will indicate the type of preparer you’re dealing with. 1. Personal Tax Identification Number (PTIN) The IRS has mandated that every paid tax return preparer ...

What is a Substitute for Return? (Part II)

If you are required to file a return and you do not file, the IRS files a tax return for you, known as the Substitute for Return (SFR). In the absence of a tax return, the IRS does not know how much you owe in back taxes. To calculate your tax liability, the IRS gathers information from third party sources such as employers, W-2s, 1099s, banks, etc. This is a rough estimate and does not ...