Monday, 23 July, 2018

Good news and bad for tax filing procrastinators

Let's be rational Let's be rational
Laurie Berry | 16 April, 2018, 06:26

But there is still time before Tax Day on April 17 to nail down everything you need - and take advantage of certain tax breaks before it's too late. Shoring up savings accounts or creating an emergency fund with a tax refund can help Americans prepare for unexpected expenses or reach their other financial goals, such as putting a down payment on a home.

This year's tax-filing deadline is Tuesday, April 17, and 64% of Americans expect to receive tax refunds when they file their returns, according to a recent poll.

Tax pros say there are many legitimate reasons why you might want to file an extension. "You should file your tax return on time each year, even if you're not able to pay all the taxes you owe by the due date".

Also, you will avoid the Tax Day frenzy - and get your tax refund faster.

You're probably wondering about this basic question: How can I file for an extension? If you're working in the gig economy or as a freelancer, you're allowed to take advantage of business expense deductions that you may not be eligible for as a W-2 employee, such as start-up costs, computers, auto expenses and so on, according to Greene-Lewis. Specifically, if the IRS has found an error on your return or requests more information from you.

#1/2 Adelphi Turns Back Women's Lacrosse, 19-5
Virginia scored four of the last six goals in the last 12 minutes, allowing them to tie the game at 6-6. The Blue Devils earned bragging rights with a hard-fought, 6-5 win.

"As long as you pay 100% of your 2016 tax liability - 110% for higher income taxpayers - you will not owe a penalty on your 2017 return", Jaeger said.

"It's important to note that the failure-to-file penalty is generally more than the failure-to-pay penalty", said Sanford. Keep good records and be sure to document all of your deductible expenses-you will be surprised at how much you can forget in a few months or a year. 4. They claim to the the IRS and looking for money.

On Tuesday, the IRS alerted consumers to a new email tax scam.

So, it's a great year to have a professional look at your taxes.

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