Tuesday, 24 April, 2018

Tax experts share last minute tax filing tips

Tax Day is April 17 Garrett Popcorn offering Tax Day deal
Preston Stone | 17 April, 2018, 19:33

The IRS expects to receive around 17-million tax returns this week. "Neither are good options", Agel said. If you file your federal tax return electronically using a commercial tax preparation program, you can schedule a payment at the time that you file.

Neglecting to do so only increases the amount that you owe, adding heavy penalties.

And looking ahead into next year's tax filing, be aware that changes at the federal level mean some local taxes and property tax deductions will now be capped at $10,000.

Because April 15 falls on the weekend and April 16 is a holiday in D.C.to commemorate Abraham Lincoln freeing the slaves in the district in 1862, the last day to file is April 17.

Folks, the last day to file 2017 taxes on time is Tuesday. Extending your deadline to file does not extend your payment time. Almost 25 percent of people who filed on time a year ago waited until the last two weeks before the deadline, according to the Internal Revenue Service. So, while it might be too much to ask people be happy filing their taxes this year, we can at least be happy knowing we will never have to file under this tax code again.

Two EF-1 Tornadoes Confirmed in Johnson and Franklin Counties
The National Weather Service has confirmed a tornado struck Lynchburg and the counties of Amherst and Campbell on Sunday. In Amherst County, it crossed Virginia 130 into Elon and its wind speed strengthened to an estimated 130 miles per hour .

Back in 1913, Congress chose March 1 as the official due date for paying taxes, but a few years later they moved it to March 15 (for no apparent reason). One of the most common mistakes taxpayers make when rushing is gathering incorrect Social Security numbers for their children and spouses. Over 90 percent of Americans will be able to file their taxes in minutes.

If you're waiting until the absolute last moment to file your taxes, Houser says you're not alone as they are helping almost two hundred clients today.

To be considered timely, your taxes must be postmarked by the U.S. Postal Service by 11:59 p.m. If the government owes you money, however, the only penalty for missing the deadline is that you won't get your refund as soon. The penalties can be aggressive if you do not file at all.

WASHINGTON ― The Internal Revenue Service is cautioning taxpayers to avoid the dangers of "ghost" tax return preparers.

The federal income tax system is created to be progressive, which means the more taxable income you make, the higher the tax rate.

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