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Posts Tagged ‘substitute for return’

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 ...

What is a Substitute for Return?

October 08, 2014  |   Tax Tips   |   Tags: , ,  

There are typically two kinds of people in this world: people who can’t wait to file their tax return and those who’d like to avoid tax season altogether. Generally, it’s the people who are expecting a nice refund check who rush their income tax returns to the IRS as soon as they receive their W2s. Everyone else hears “taxes” and envisions piles of boring and complicated paperwork, as well as the sizable check they’ll have ...