Deadline for filing tax returns is Tuesday this year
Apr 15 2017 by Lorena Waters
More time to file is not more time to pay.
Set aside cash for interest. Each month that you don't pay, you get hit with a 0.5 percent penalty charge on what you owe. Seven out of 10 taxpayers can use IRS Free File software at no cost.
People forget that the IRS already gives individuals another extension, which is the six month extension to October 15.
This is the easy part. But the work doesn't end there.
If you're moving heaven and earth to finish your taxes so you can file on time, bear in mind that math errors and other mistakes are common on paper returns - especially those prepared or filed in haste at the last minute.
"The interest runs until you pay the tax".
If you fall into the group that doesn't owe Uncle Sam anything the process is simple.use IRS form 4868 to file an extension.
You can also contact the IRS and see if you can get a short-term extension to pay up to 120 days, allowing you to make installments. The maximum penalty is 25%.
Tax day is just one week away and as the filing deadline for income taxes approaches, some people are need to pay are realizing they don't have the funds needed.
Traditionally, April 15 is tax day. Don't miss your deadline!
Report the sale of your home: When you sell your home, the title company will send you and the IRS a 1099-S form, recording the proceeds from the sale. The maximum penalty is 25% of the amount due.
Foreign wire transfers: If you have a United States bank account, you can use the Electronic Federal Tax Payment System. When a taxpayer is still awaiting documentation to complete their taxes such as a K-1 form from an investment then they need to have a solid estimate of the income reported from that investment to have a good handle on the resulting tax consequences. More than 100 million eligible taxpayers chose other, often more expensive ways to file their returns. By helping you be aware of any tax benefits you're entitled to receive, VITA can be a big money-saver.
Get something filed. You have an extra few days this year to file; due to some holidays and a weekend, the filing deadline is April 18 rather than April 15.
Liberty Tax Preparer Jim Clark said there are procrastinators as usual, but this year there are a bit more.
In addition, if you qualify for a health savings account, you can make tax deductible contributions through the April filing deadline as well. An estimated 13 million people are expected to file extensions, the IRS said."It's the nature of the beast", said Jack W. Long, managing partner of Exeter Township-based Long, Barrell & Co. Some custodians file the tax information late or certain pass-through entities like partnerships, estates and trusts have later due dates which delays the receipt of the information.