Tax Season is in full force as we near the end of March, and I just wanted to send out some reminders as the tax season deadline nears. Individuals will have a few extra days to file returns because the due date is April 18th this year on account of the weekend and Emancipation Day holiday in Washington DC. This also means a few extra days to file an extension. If you are not ready to file your taxes yet because you do not have your records completed, don’t panic. If you need more time to file your taxes, you can obtain a six (6) month extension by filing form 4868, either paper or electronically, and if you owe money add a check for payment of the taxes to avoid penalties. When paying taxes you can either pay by check or use the IRS Direct Pay Service. For a small fee, you can charge it on your credit card. For more information on different payment options you can read our blog on it here: https://franskoviakcpa.com/owing-the-irs-and-understanding-your-payment-options/
If you are unable to pay the tax you owe you can request an installment agreement, or you may have other options such as Offer in Compromise or penalty abatement for reducing the amount owed.
Also remember that the IRS will grant relief and waive penalties for first time offenders, so taxpayers with good compliance history can get penalties removed.
Finally, a reminder that if you haven’t filed your 2013 income tax return and are expecting a refund, April 18th is the last day to file a claim for that refund, otherwise the refund will be lost. The IRS estimates that over one billion dollars of unclaimed refunds are due to one million taxpayers. Also note that if you haven’t filed your 2014 and 2015 tax returns, the IRS may hold up that refund and/or apply to other tax debts owing.
Don’t be like many of our clients who have lost refunds! Call us, we can help!