Error on Your Tax Return? Relax, Amend ItBy Shelly Foster Apr 10, 2017
"There's lots of tax deductions people miss when they're in a hurry to file at the last minute", said Avara.
Finally, if you don't have time to file your return by the April 18 deadline, you should file a Form 4868, Application for Automatic Extension for Time to File. Yet for a couple years in a row now, that hasn't been the actual deadline. So we get the gift of an extra day to file our returns.
April 16 is Emancipation Day in Washington, D.C. On that date in 1862, President Abraham Lincoln signed the Compensated Emancipation Act to free 3,000 slaves in the District of Columbia.
Taxes are due April 18.
How does the IRS already know what my income is?
IRS Commissioner John Koskinen said, "The IRS is taking steps throughout this effort to ensure that the private collection firms work responsibly and respect taxpayer rights".
When you file a tax extension, the IRS automatically gives you an additional six months to file your tax return. Most tax software programs provide this form. Sometimes, those forms have incorrect numbers on them. As you prepare your return, here are three important tax rules to keep in mind. So why does nearly every American groan in frustration during tax season?
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Despite the cutbacks, taxpayers always risk the chance that they'll be caught if they make mistakes or cheat. By doing so, millions of taxpayers leave money on the table that could have dramatically increased their refunds.
Free File - Free, brand-name tax preparation software is available through the IRS Free File program for anyone earning less than $64,000. Taxpayers may need this for non-tax reasons, such as student or mortgage loan income verification. Debts on credit cards can be wiped out in a bankruptcy court, but bankruptcy doesn't free you from the IRS, he said. The late-filing penalty is 5 percent of the unpaid tax amount for every month your return is late, up to a maximum of 25 percent.
If you are in that percentage of people that waited, you're in luck this year. The tax debt was "something I should have caught earlier", he said. Because of how late payment penalties are calculated, time after filing data is of the essence, even if your extension gives you until October 16, 2017 - that will apply to most tax filers, but not all - to file. If requesting a payment agreement with the IRS, also attach Form 9465 to the front of the return. The longer you delay, the more you'll owe in interest and penalties.
While tax scams involving IRS impersonators are at an all-time high, the IRS announced the New IRS Private Debt Collection Program, which will enable designated contractors to collect debts on their behalf. And the loan interest you're trying to write off can not come from a personal loan.
In addition to existing email, text and social media-based tax scams that have affected a number of American taxpayers in recent years, fake IRS calls grow more prevalent nationwide as the department restarts its debt collection phone call efforts.
Don't stress out about your taxes. If you use one of these accepted payment methods, you will be provided with a confirmation number for your records.
When it comes to millennials, more than half stated that the plan on using their tax refunds to repay debt or simply to save.
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