Millions Wait to the Last Minute to File Their Taxes
Apr 18 2017 by Lorena Waters
Taxpayers who are not ready to file by the deadline should request an extension of time to file. Here's how to get a tax extension and correctly submit your IRS tax extension request if you're filing your taxes at the last minute.
The labor organization, which endorsed Hillary ClintonHillary Rodham ClintonAFL-CIO: Tax reform should increase taxes for wealthy Warren on Trump administration: "God, it's like dog years" Dems announce "unity commission" members MORE in the presidential election, detailed its framework for tax reform in a memo to reporters ahead of Tuesday's tax filing deadline.
As the income tax filing deadline approaches, the Internal Revenue Service (IRS) reminded almost 40 million taxpayers who have yet to file their tax returns that there are a variety of options to help them as the tax season closes. Those who make $54,000 or less, the elderly, anyone with disabilities or who speaks limited English can also use the Volunteer Income Tax Assistance program, which offers free tax help as well. Simply use FreeFile on the IRS website to request a six-month extension.
Previous year 111 million refunds were issued, with an average payout of $2,860. And if you're filing electronically, you must have a time stamp before the midnight deadline to avoid late penalties.
After several years of lax enforcement, the tax collection agency warned last year that it was going to refuse to accept any returns that didn't fill out Line 61.
"4 million tax payers that have waited until April to file their returns", said Dosdall. Many countries around the world have flat tax rates, as do several US states. Don't forget this year's tax deadline is April 18th, which may allow a few extra days.
If you need more time to get your taxes together, there really isn't too much of a downside to filing for an extension.
During 2015, about 6.5 million taxpayers reported a total of $3 billion in payments, the IRS commissioner told Congress in January.
The top of a form 1040 individual income tax return for 2005 is seen atop a stack on the same at the Des Plaines Public Library March 23, 2006 in Des Plaines, Illinois. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products for the DIY consumer. "It turns out that you have to charge the rich more to bring in the revenue you need, or you have to raise other taxes".
There is a way to alleviate the burden if you owe more money than you can afford right now.
You can pay, review, and sign tax documents while e-filing with the app.
The state tax department has handled more than 321,000 calls related to tax return filing and refunds. Under current tax rates, it would mean each and every man, woman and child must earn at least $66,450 to pay his or her fair share.
The interest on your late taxes will accumulate as tax debt until you pay the IRS in full.
"Although you aren't required to make a payment of the tax you estimate as due, Form 4868 doesn't extend the time to pay taxes". The IRS under President Barack Obama also did not reject returns with the box left blank last year or the year before, but it had announced it would step up enforcement of whats known as the individual mandate for tax year 2016.