Tax deadline pushed to Tuesday
- Author: Zachary Reyes Apr 15, 2017,
Apr 15, 2017, 6:54
And if you're still gathering your documents to take care of your return, you are one of millions who are doing the same.
The worst approach of all for any American who can't afford to pay income tax is to do nothing. But there's a special rule for people who were 65 or older previous year. About 80,000 people work at the IRS. An extension will give you extra time (final due date will be October 16) to get your paperwork to the IRS, but it doesn't extend the time you have to pay any tax due - those are still due on April 18. By helping you be aware of any tax benefits you're entitled to receive, VITA can be a big money-saver.
The penalty for not filing a tax return is 10 times greater than the penalty for not paying in full.
An extension may be the only valid option if you do not yet have all the information you need to prepare your return.
The IRS notes a sharp decline in tax returns filed in the first half of this year's filing season.
People who can't afford to pay taxes that are due should still file their return or file an extension, the IRS said.
As you crank through the things you need to do to get your returns prepared and filed, it's essential not to lose sight of some key ideas that smart taxpayers always keep in mind. The Act would give all taxpayers the right to download third-party-reported tax information that the IRS already has, and would provide those with simple tax situations with a return-free option. By filing, you can avoid most of those penalties and put yourself in much better shape going forward. Financial experts suggest you file early if you're getting a refund, because that money is an interest-free loan to the government. If you file your tax refund on paper, you can expect a delay of your refund by about a week. The income rules are a little complicated; you can read them in IRS Publication 524.
Find and organize any tax-related records such as receipts, unreimbursed medical/dental expenses, business records or casualty losses.
People forget that the IRS already gives individuals another extension, which is the six month extension to October 15.
"Taxpayers should estimate and pay any owed taxes by April 18 to avoid a potential late-filing fee", IRS officials said.
Of course, if you still can't get everything filed on time, you should file for an automatic six-month extension by April 18.
The good news is that the IRS may throw you a lifeline: You might not have to pay the penalty for late taxes if you have "a reasonable explanation" for filing late, so again, you'd need to attach a written explanation to your return.
For taxpayers who can not meet the April 18 deadline, requesting a filing extension is easy and will prevent late-filing penalties. There are several ways to do so, including through the Free File link on IRS.gov or by designating a payment as an extension payment and making it via one of the IRS electronic payment methods, including IRS Direct Pay.
Keyword Search - Taxpayers can use the IRS website's search tool to track down a topic and get the answer to a question 24 hours a day, seven days a week.