What to do if you can't pay your taxesBy Darlene Powers Apr 15, 2017
If information from W-2s, 1099s and other documents is not reported on the proper form and according to the correct method, the IRS will easily identify discrepancies and will issue a notice to the taxpayer.
To help with the high demand, the IRS has extended its toll-free telephone hours on Saturday, April 15, 9 a.m.to 5 p.m., caller's local time.
However, Emancipation Day, a holiday in the District of Columbia, is observed on April 17, giving taxpayers an additional day to file.
More than 90 percent of tax returns are filed electronically, with that number growing every year.
If you are simply in a short-term cash crunch and simply need a 30-day window to pay off what you owe in full, you can file your return by April 18 and just pay what you can.
Go without filing your taxes for more than four months, and you'll face a penalty of 25% of your outstanding tax due - along with interest on that balance.
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If you owe money to Uncle Sam, you can send in a check or money order to the IRS. If you do not have all the information to file your return, extend it.
In addition, the IRS processes electronically filed returns more efficiently and quickly, and refunds come more quickly. Or, try the Interactive Tax Assistant, an excellent resource to get answers to commonly-asked questions. For those with simple tax obligations, the bill would permit a return-free option. Neither underpayment interest nor late-filing penalty apply because both are based on tax owed on the return due date.
The IRS has made strides in stopping tax identity theft and refund fraud: The agency's commissioner, John Koskinen, told the Senate Finance Committee in April that the number of people who informed the IRS they were victims of identity theft declined by 46% previous year.
One of the misconceptions as well as challenges with the filing of an extension, however, is that an extension is simply an extension to file, but not an extension to pay. If requesting a payment agreement with the IRS, also attach Form 9465 to the front of the return. He says reports they've received from the IRS show the number of filings is down around four percent.
Validate e-signature: If a taxpayer changed tax software products for 2017, they may need their prior-year adjusted gross income to validate their electronic signature.
Taxpayers usually have three years to file and claim their refund. IRS e-file is safe, easy and accurate.
With the extra few days added to the normal filing date, you also have a few extra days to fund IRA and ROTH IRA accounts, if you are eligible.
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