Simple tips if you still need to file taxes

17 April, 2018, 10:45 | Author: Courtney Perry
  • The top 10 things the taxman may review on your tax return

The IRS could come after you, and you could face legal issues and financial penalties for avoiding taxes.

Double checking Social Security numbers and make sure you include them for all filers and dependent.

"Most people file an extension because they have a complicated tax situation", Kate Haney, VP of tax at ASGN Incorporated told Moneyish. In the 2015 filing season, a criminal stole my personal information and filed a fraudulent tax return in my name, claiming a refund. After it was repealed a decade later, Congress tried again in 1894, enacting a flat rate federal income tax. After filing, payment plans can be set up to pay off the amount due.

Some military personnel are automatically granted extensions. Taxpayers do this to pay less than what they owe or receive a larger refund than they should get.

If you do have to make an estimate, it is usually best to err towards overpaying. Supreme Court ruled the tax unconstitutional the following year, because it didn't take into account the population of each state. If there is an indication that one of these changes might affect your return, consider getting an extension to see what actually happens with that law. For the 2015 tax filing year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings. The IRS tries to meet their audit targets by starting earlier in the year.

Pay When You E-file.


Dejean added there are some misconceptions about the six month extension period.

"You want to get those taxes filed on time so you don't get a penalty for being late", Dejean said. It's also faster both for filing and for receiving a return, and it allows the filer to verify their paperwork has been received and, ultimately, approved.

Anyone who needs more time to file can get it. Your payments are still due by April 17.

But filing for an extension can be an option if you're running behind, especially for some of those more complex cases.

Generally, the failure to file penalty is far greater than the failure to timely pay penalty.

Individuals can file an extension easily.

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