Even a messy shoe box full of receipts can lead a tax preparer to find some hidden refund opportunities, so it's advantageous to consider itemizing if you have a home, kids, or a newly complicated tax situation. Specifically, if the IRS has found an error on your return or requests more information from you.
"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith.
If you really can't get your tax return done, seek an extension.
Since it's a Sunday, Tax Day would normally be moved to Monday. You will owe interest on any amount not paid by the April 17 deadline, plus you may owe tax penalties.
Good news for tax procrastinators: You have a little more time than you think to file your federal income tax forms. The failure-to-file penalty can be as much as 25% of taxes due.
Sydney bushfire still out of control and may have been deliberately lit
NSW Police have declared the area a crime scene but the RFS says it's too early to declare if the blaze was deliberately lit. At one point , a munitions store at a Holsworthy military base was surrounded by the fire, but was successfully protected.
While mostly done for altruistic reasons, property owners receive significant tax benefits from such activities.
ID theft is another one to look out for Scammers use stolen personal information, social security numbers and falsified W-2 information to file fraudulent tax returns in the victim's name.
Be smart about charitable gifts: The new tax rule almost doubles the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly.
You can submit the form electronically through the IRS website before midnight on April 17. They'll need to wait because they don't have the information necessary to compute their tax obligation. It will take more time in the long-run to correct your mistakes and will delay any refunds. A tax refund probably won't fully fill an emergency fund unless some savings have already been put aside, but a tax refund is a great way to get started toward this important financial stepping stone. It remains unknown if crypto investors took their earnings from the rise of digital assets in 2017 to pay this year's taxes, but the market is on an upward climb now. Additional information on tax extensions is available in IRS Publication 54.
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