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10 Abril 2018, 11:08 | Dolorita Barahona
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Your tax-filing strategy as the deadline approaches will depend on your situation.
Time is quickly running out for those Americans still procrastinating on filing their 2014 tax returns.
Many of us are still scrambling to get our taxes together.
As the April 17 tax-filing deadline nears, many taxpayers may rush to finish their tax returns or find that extra time is needed to get them done.
"You need to know to hang up", Osborne said. If requesting a payment agreement with the IRS, also attach Form 9465, Installment Agreement Request, to the front of the return.
There have also been a few outright eliminations from this year's income tax return. Though the IRS has not issued a similar summons yet for 2016 or 2017 Coinbase transactions, you'd be wise to cough up early. That information may not be easily available - and many people have no idea they're liable for taxes.
In January, a man in Kansas was sentenced to 96 months in prison for preparing income tax returns for clients that reported false business income and losses, medical and dental expense deductions, job-related expenses and charitable donations. If you can't come up with the money by April 17, your bill will be inflated by underpayment fines and interest on the balance until you pay it off.
According to Vittoratos, the new Canada caregiver amount may entitle you to claim an amount of $2,150 in the calculation of certain credits such as eligible dependent and the spousal amount. Using taxpayer information stolen elsewhere, criminals were able to pass IRS authentication procedures to access the files of more than 334,000 taxpayers, opening the door to potential tax-refund frauds. If you receive such a message, forward it to firstname.lastname@example.org. "Usually you're not going to see identity theft out of a tax office", Coley added.
An extension to file is not an extension to pay, Zumwalt says.
"If you get a call like this, simply hang up the phone", Miller said. "If you go to someone who's fly-by-the-night. maybe they are making copies of social security numbers and sending them out", he warned. Make do with the vehicle you already have and put the tax refund to more productive use.
Some commercial preparers and tax software providers, including TurboTax and H&R Block, offer free online withholding calculators that have been updated for 2018.
You should know that the IRS will never demand immediate payment, threaten to call police or immigration, or ask for unusual payments like gift cards or wire transfers. Might consider a cash advance, deposit into a checking account, and write a check to IRS for taxes owed.
It may be wise, Walters said, for those taxpayers to consult a tax professional to make sure they are on track with proper withholdings. Having an extension allows you to pay the least amount of any underpayment penalty if you have one.
That's because last year's jump in the value of Bitcoin, Ethereum and other types of digital money shook the IRS out of its indifference toward income from cryptocurrency transactions.
Returns must be received or postmarked by midnight on Tuesday, April 17.
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