Why fewer tax returns have been filed so far this year
Apr 13 2017
The New York State Department of Taxation and Finance is reminding all taxpayers that they have three extra days to file their federal and state income tax returns this year.
Last month, we addressed some of your questions about your taxes, but some of us are procrastinators, and still need some help. The complaint alleges that Draper does so without doing the due diligence required by Internal Revenue Service regulations and despite being previously penalized over $97,000 by the IRS for failure to exercise the required due diligence. Those serving must be stationed overseas or in a combat zone during the tax filing season.
Setting aside money in a safe place (like a savings account) for expenses, both anticipated and unexpected, is a smart habit. In a matter of minutes, anyone can e-file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and get a six-month extension. To ensure you don't misplace them, add them to your other records.
The IRS is also offering free credit monitoring to anyone who gets the letter to protect them from identity theft.
When your actual refund arrives from the IRS, the amount of your advance - plus any fees involved with preparing your return - will be deducted from what you receive. It's available exclusively at IRS.gov.
Connecticut's top tax collector wants to extend state oversight to commercial tax preparers not yet covered by state law.
"I'd like to fall into one of those jobs where I would file a huge tax return", he said.
"Balancing the demand for a speedy refund with protecting IL taxpayers against the threat of tax fraud and identity theft has been an ongoing challenge", said Connie Beard, IDOR Director. If the return is not filed by the required due date and the taxpayer can not provide a good rationale, the IRS charges a late-filing penalty of 5 percent of the balance due for each month the return is delinquent. That is wrong. The Tax Filing Simplification Act would end the absurdity of Americans having to pay private companies hundreds of dollars to pay their taxes.
With the filing deadline less than a week away, appointments with some tax professionals may be limited.
Weigh your filing options: You have several options for filing your tax return. However, if you qualify, I highly suggest that you consider boosting your retirement savings before the tax deadline passes. Let us know what helps you most by commenting below or on our Facebook page.
Not making quarterly payments - Self-employed individualsmust make quarterly estimated tax payments throughout the year so the government can receive regular cash flow from estimated taxes in the same way that employers take out monthly deductions for taxes.