Tuesday's tax deadline: what you need to know for April 18

"Filing an extension and making sure you pay any tax you owe is the best way to avoid adding unnecessary costs to your tax liability."Filing an extension helps but doesn't exempt procrastinators from payingThe monthly penalty for not filing a tax return is 10 times greater than the penalty for not paying in full". But that's not true. Before you drive yourself insane to get your return filed in time for the deadline, make sure you actually have the appropriate paperwork on hand.

And since federal law says that tax day must be either the 15th or the first succeeding day that isn't a Saturday, Sunday or holiday, that means the tax deadline this year is April 18.

You can request an extension of time to file, which will give you until October. Extensions are free for everyone, regardless of income.

A return filed in a rush now is likely to include errors or be missing some information.

The world boxing champion was elected to the Senate a year ago after a two terms as Sarangani congressman. They are due Tuesday, April 18.

If you owe the IRS money, it might make sense to wait as long as possible to file your return.

Avalere, a D.C. -based consultancy, said its analyses suggest that more generous tax credits could be a bigger incentive to sign up on Obamacare's exchanges than a mandate.

If you're overseas and don't plan to return to the USA until after April, you're best served to file an extension. IRS spokesman Luis Garcia from their field office in Detroit tells WSJM News you can request an extension, and it's automatic.

If you are getting a refund, you don't need an extension, but what are you waiting for?

Members of the military and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any taxes due.

If you've bought or sold a home, changed jobs, started a business and exercised stock options, among other things, you may need more time to gather the information you'll need to file. Hiding $40,000 of income will probably open the door to criminal charges, but messing up a deduction or failing to report a small payment isn't going to land you in the slammer.

Consider filing an extension. When you do, you're automatically granted an additional six months to file, no questions asked. The IRS also levies interest on unpaid taxes, now at a rate of 4%, compounded daily.

Taxes are due April 18. Even the IRS Commissioner doesn't get it.

Dulay said earlier that to achieve the target of P1.829-trillion collection this year, the BIR would improve taxpayer compliance through the expansion of its compromise settlement program for audit cases of large taxpayers.

The top rate that the highest-income Americans will pay on most capital gains is 20 percent, around half the top marginal rate for ordinary income.

Related:

Comments


Other news