IRS reminds taxpayers of April 18 tax-filing deadline

Like past year, the deadline is April 18, which is - yes - today.

This year, April 15 - the typical day tax returns are due - fell on a Saturday, and the deadline for submitting taxes is always postponed when it falls on a weekend. Those who were granted a federal extension are automatically given one for the state return, "provided you attach a copy of your federal extension application to your Wisconsin income tax return", says that state's Department of Revenue. Form 4422 is filed when an estate wishes to transfer assets prior to filing the Form 706 if those assets are subject to the estate tax lien under Internal Revenue Code Section 6324.

Taxpayers who make $64,000 or less can use the IRS free file software to prepare and file their federal taxes.

Now you may be thinking: "How can I pay my taxes if I haven't calculated my final bill?"

Extensions may also be granted under special circumstances such as military service in a combat zone (See IRS Publication 3, "Armed Forces' Tax Guide"), or if you are a U.S. citizen living overseas and meet certain criteria (see IRS Publication 54, "Tax Guide for U.S. Citizens and Resident Aliens Abroad").

Note, however: Filing an extension gives you more time to fil, but it doesn't give you more time to pay any taxes you owe. You would need to use form CT 1040 EXT, which allots more time to file your individual use tax. Furthermore, if you file electronically and are due a refund, you'll usually get it in three weeks or less.

Experts suggest you file for a refund or extension instead of ditching your return. Filing on time ensures that homestead owners will pay the right amount of education property tax and avoid a possible penalty from the town.

Second, if you're owed a refund, why wait?

"The government is very clear, they don't typically contact people by phone, they definitely don't ask you for money over the phone, and they don't tell you to wire money or send debit cards, or things like that".

Taxfyle is another app that can match you with a licensed tax professional. It won't cancel out your interest or late payment penalties, but it shows the IRS you are making an effort.

"The city, the town, and all of its businesses benefit greatly by having low-income filers get earned income tax credits", he said. Additionally, a late payment penalty may be charged if you do not pay at least 90% of the taxes you owed in the prior year by the regular due date, she said. This form requires that individuals estimate their tax liability to determine the amount they must pay by April 18. The late-filing penalty is generally 5 percent per month and the late-payment penalty is normally 0.5 percent per month, according to the IRS.

Viloret says people can be put on a payment plan to pay the IRS or the State if they owe money that way they will avoid penalties for not paying and interest that could have possibly piled up.

A return filed in a rush now is likely to include errors or be missing some information. This is a significant amount of money for most taxpayers and an opportunity to make a real difference to your financial health. "I'm a sort of full-time member of the tax policy community, and I still find it hard and unpleasant".

By law, Washington, D.C. holidays impact tax deadlines for everyone in the same way federal holidays do.

Vanessa Coleman

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