Freebies to ease the tax deadline pain

Emmett Rice
April 17, 2018

It's all because the normal deadline, April 15th, fell on Sunday. At the end of the year, if you've paid more than what you owe, the federal government will issue you a tax refund.

Visit irs.gov for information on how to file extensions or establish a payment plan.

For the 2015 tax year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings.

"Most people file an extension because they have a complicated tax situation", Kate Haney, VP of tax at ASGN Incorporated told Moneyish.

Not facing the situation leaves the person with greater penalties (and usually, anxiety, sometime poor career/business/life decisions) just because they did not file a tax return on time.

Jeff Mayrond, Office Supervisor at Liberty Tax Service says some tax forms are hard to navigate solo, "If you have a duplex that you are renting out or sold your home, some of those things are going to be a little more complicated".

William Perez, senior tax accountant at Visor told Moneyish, "The most efficient way to file an extension is to fill out and mail in Form 4868 which can be downloaded directly from the official IRS website".

Here's the less-than-good news: Even with an extension, if you owe taxes, you have to pay what you expect to owe by the April 17 deadline.

Returns must be postmarked or electronically filed Tuesday to avoid penalties and interest.

It doesn't draw any attention to you.

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"Filing for an extension doesn't get you an extension to pay", confirms Betterment Head of Tax Eric Bronnenkant.

Qualified taxpayers can choose to pay any taxes owed over time through an installment agreement.

So everyone has until Tuesday April 17th to file their taxes.

According to the Internal Revenue Service (IRS), if your income is above a certain level - which varies depending on your filing status, age and income - you must file a federal income tax return.

By Friday morning, with tax day drawing closer, it climbed back up above $8,000, the first time in two weeks it had surpassed that threshold.

"It [the extension] gives them six months to finish getting all their documents together", Rogers said.

Pay When You E-file. And accordingly, the IRS will not charge you with a late filing penalty. Tax returns without enough postage will be returned.

But he's not the only one who was taking advantage of the extra time.

Kevin Brooks says, "My personal business, personal taxes, are tied in with my business taxes because I'm a Closed S Corporation so it takes a little longer sometimes to prepare this stuff".

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