News Worms
News Worms

April 18th is the last day to file your taxes

April 18th is the last day to file your taxes

Haven't filed your taxes yet?

People wait outside the Internal Revenue Service office in the Brooklyn borough of New York May 27, 2015.

But since this Monday is the Washington DC Emancipation holiday, you now have until Tuesday to file. The gap has narrowed somewhat, but as of April 7 nearly 4 million fewer people had filed than at the same point a year ago.

Technically speaking, you don't need an actual reason to file for a tax extension.

If you're among the millions who still haven't submitted a return by now, it's better to file for an extension instead of rushing to get it done by April 18.

"As we enter the final days before the tax deadline, the IRS has seen a strong filing season so far with smooth processing of tax returns and refunds as well as signs our strengthened security steps are helping prevent more tax-related identity theft", said Koskinen.

Answers to questions about federal tax returns or any other tax forms can be found on the IRS website. Instead, have the lender change the 1098 form before filing or file for an extension until you can get an amended 1098 form.

It's possible to get the automatic extension without filing IRS Form 4868. "Taxpayers must pay at least 90 percent of their 2016 tax bill by April 18 or they will face late-payment penalties and interest", said Pickering.

But one simple number can be deceiving if you're trying to paint a national picture.

As the April 18 tax deadline approaches, some Americans are still waiting for one or two forms to trickle in.

Extensions, however, do have a major caveat: The IRS gives you extra time to file, but not to pay.

In Japan, officials have simplified and consolidated the tax process. However, an extension doesn't apply to any payments due."The extension to file is not an extension to pay for those taxpayers who owe the IRS money". "There's no tax return - if the numbers look right, you just file that card away and you're done".

Tax extension guidelines vary by state, though, so you should contact your local state tax authority to get instructions and details.

The IRS also expects more than 13 million taxpayers to request a filing extension, giving them six additional months to complete and file their tax return. "Our labor force is growing four times the rest of our county, and we have the second-lowest tax burden, per capita, state taxes in the country", Scott said. But most of us have every intention of filing earlier. Various circumstances affect the exact length of the extension available to any given taxpayer.

If you're overseas and don't plan to return to the US until after April, you're best served to file an extension. But a tax extension doesn't grant you more time to pay what taxes you owe beyond the tax due date. The penalty for paying late is 0.5% of the amount you owe each month up to a maximum of 25%. That overall rate, of 31.7 percent, might seem like a lot, but it's more than 4 points below the OECD average. They reiterated they do not know anything about the tax case.

You may be in a tough spot, but you're in good company. When entering information on the tax return, take the time to ensure information is accurate and easy to read.


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