Tax return deadline is Tuesday, April 18
- Author: Arturo Norris Apr 18, 2017,
Apr 18, 2017, 5:19
The Internal Revenue Service says it has already processed over 100 million individual returns and issued $229 billion in tax refunds, but the agency says almost 40 million people have yet to file.
First, don't do this again, advised Joel Veldt, a certified public accountant and tax preparer with the firm of Ladd and Carter. Last year, said the IRS, an estimated 6.5 million tax filers paid a fine that averaged $470.
The organization said in its request that the U.S. public had the right to know if the president had business ties to Russian Federation. Of course, to know that you have a refund coming, you need to put the work in to determine that.
Last year April 15 fell on Friday, which pushed the tax return deadline to Monday, April 18. Beyond that, if you are due a refund, you've lost it. "So you don't have to worry about it". If you're found guilty of tax evasion, you could face a substantial monetary punishment, not to mention jail time, so if you're toying with the idea of bending the rules, consider this your warning to think twice.
"Do they come clean and report the penalty they owe, or just stay silent about whether they had coverage?"
Dulay said the negotiation with Pacquiao reflected the BIR's effort to encourage taxpayers to avail themselves of the compromise program of the bureau. According to data from the IRS, for most of the April 2017 tax season, filers lagged behind the numbers recorded past year.
If you file and pay late you are most likely going to have to pay a price.
Another option for taxpayers is to pay electronically and get an extension of time to file.
Even with the change, IRS says that taxpayers aren't off the hook when it comes to "individual shared responsibility payments", as the tax penalties are described by the agency. However, somtimes that form will only include the name and Social Security number of one spouse.
Tuesday at Midnight is the deadline for tax returns and Garcia says e-filing is the way to go.
The failure-to-file penalty is generally 5 percent per month and can be as much of 25 percent of the unpaid tax.
Filing an extension is free.
Now here's a bad reason for requesting a tax extension: not being able to pay your tax bill.
The IRS won't reject an extension request, unless you're being investigated or are in some kind of trouble already with the IRS, Veldt said.
Defenders of the high-tax status quo will try to politicize reform and paint any tax relief as a tax cut for "the rich" and "the 1 percent". An extension gives the taxpayer until October 16 to file but does not extend the time to pay.