Home » Money

Treasury provides tips for last-minute filers as tax season closes

18 April, 2017, 01:02 | Author: Paula Vaughn
  • RTX1ETPP

If you're running low on time and are anxious about making costly tax mistakes, consider filing for an extension.

"A lot of taxpayers, if you don't do it, they tend to forget", he said. The IRS reports that the error rate among returns filed electronically is less than 1 percent. Extensions are free for everyone, regardless of income.

To avoid late filing charges, Jaen called on local taxpayers here to settle their obligations.

Get and fill out IRS extension Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. That means you're paying interest until October even if you don't have to file the rest of your paperwork until then.

"It's a long day for the BIR today and we are urging all income earners to file their taxes correctly and promptly", said Jaen, citing he has directed the city and municipal revenue offices here to accommodate all tax filers today.

- People who normally wait until the last minute to file their tax returns got a few extra days this year due to some quirks in the calendar. Currently, taxpayers in parts of Georgia and MS have until May 31, 2017, to file and pay, while those in parts of Louisiana have until June 30, 2017, to file and pay.

Taxpayers in Presidentially-declared disaster areas, members of the military serving in a combat zone and Americans living and working overseas get extra time to both file their returns and pay any taxes due.

Tanaka helps Yankees earn fifth straight win
The Cubs loaded the bases with two outs in the ninth inning before Tony Watson got Ben Zobrist on a grounder for his third save. Louis Cardinals look to carry over some momentum into NY as the team begins a three-game series with the Yankees.

If a taxpayer can't pay their balance due all at once, they can request a short-term extension to pay, make an installment agreement or even pay with a credit card. And you must pay (from withholding, estimated payments and what you pay with the extension) at least 90 percent of what you owe for 2016, or pay an amount equal to 100 percent of your 2015 tax liability (110 percent for taxpayers with prior-year adjusted gross income greater than $150,000).

"Please take your time and carefully follow all instructions to ensure you're filing an accurate return", said Deputy Treasurer Glenn White, head of Treasury's Tax Administration Group. Requesting direct deposit of a state tax refund is convenient and enables the taxpayer to access their money faster.

Tuesday is the final day to file your taxes if you haven't done so already. Also, if you want the IRS to figure the taxes you owe or that will be refunded, you won't qualify for the six-month extension.

"You could negotiate penalties and interest, not usually the tax, but with a hardship you might be able to negotiate a tax settlement", Speiss said.

Combat zone extensions give affected taxpayers more time for a variety of other tax-related actions, including contributing to an IRA.

The failure-to-file penalty is generally 5 percent per month and can be as much of 25 percent of the unpaid tax.

Recommended:

  • Raptors roar into playoffs on a high note

    During the 21-game stretch, DeMar DeRozan continued his splendid season on offense, where he's averaging 27.0 points per season. First up, the Raptors - who are back in the playoffs for the fourth year in a row - are facing the Milwaukee Bucks at 5:30 p.m.
    Two-day BJP National Executive meet begins in Bhubaneswar

    Two-day BJP National Executive meet begins in Bhubaneswar

    The Prime Minister will also visit the Sri Lingaraj temple to offer prayers, according to state BJP spokesperson Sajjan Sharma. Additionally, the BJP has identified 120 Lok Sabha seats it lost in 2014 but hopes to win in 2019.

    Attack on Syria justified

    The US said it has "no doubt" Syria was behind the gas attack on the town of Sheikhoun that killed 87 people on April 4. Putin's military backing of Assad has been crucial in keeping the regime in power after six years of civil war.
  • Russia, Iran and Syria issue warning to US

    Russia, Iran and Syria issue warning to US

    The interview was broadcast as Secretary of State Rex Tillerson held his first meeting with Russian counterpart Sergey Lavrov. He said Moscow has lots of questions about the "very ambiguous" and "contradictory" ideas emanating from Washington .

    Snoop Dogg inducts Tupac into Rock Hall

    It was announced in December that Journey would be inducted into the Rock And Roll Hall Of Fame . During the latter two Baez was joined by Mary Chapin Carpenter and The Indigo Girls .
    Rain can't dampen the spirits of Peterborough's Easter egg hunters

    Rain can't dampen the spirits of Peterborough's Easter egg hunters

    The adult egg hunt costs $20 to participate. "Then we are going to go to our grandma's house to find Easter Eggs". Two helicopters will be dropping more than 15,000 eggs to children of all ages up to the 5th grade.
  • Alabama governor halts impeachment, not disparaging report

    Alabama governor halts impeachment, not disparaging report

    Special Counsel Jack Sharman plans to release a 100-page report Friday afternoon that includes thousands of pages of exhibits. The report is supposed to be released Friday and the committee is scheduled to begin impeachment hearings Monday.
    Judge halts Arkansas plan to execute inmates by end of month

    Judge halts Arkansas plan to execute inmates by end of month

    John Williams, attorney for some of the death row prisoners welcomed Baker's ruling, saying it was legally sound and reasonable. He is among eight death-row inmates who were scheduled to be executed over an 11-day period this month.
    NCAA adopts early signing period, 10th coach for football

    NCAA adopts early signing period, 10th coach for football

    And it's not just the uncertainty surrounding new coaching hires, but the assistants those new head coaches are bringing in, too . But under the new rule, if a player does not qualify, the team only can have 24 players for that recruiting class.
  • Hull City 2-1 West Ham

    A number of injured Hull City players on the eve of this match, add an already headache to the head coach. He said that: "When I arrived in England, I had a back problem which has been troubling me until now".

    Massive US bomb death toll rises to 94

    The US has more than 8,000 US troops in Afghanistan, training local forces and conducting counter-terrorism operations. He added, "We have USA forces at the site, and we see no evidence of civilian casualties nor have there been reports".

    Christians celebrate Good Friday in Jerusalem

    It's great that we know and experience the power that is in Christ, but how about the people around you that don't? Pastor Reddy said: "For the last two months our Sunday Class students had been preparing for this day".


Popular

Thanks to Perry on health care stand
Meadows told USA Today he planned to deliver a plan that kept language requiring insurers to cover pre-existing conditions. Worse, this week it was reported that Trump is officially putting tax reform on hold to give health care another go .

Eight Karnataka students drown in sea off Maha coast
Altogether, they were a group of 47 students, many of whom chose to take a dip in the sea. "Three students have been rescued and are under medical observation", the police said.

U.S. releases footage of 'mother of all bombs' being dropped
No civilian was injured in the raid which took place in Mohmand Dara village, Asadkhil area of the district, the statement added. The bomb was dropped after fighting intensified over the past week and US-backed ground forces struggled to advance on the area.

US, Mexico and Canada announce 2026 World Cup bid
According to Press Association analysis, the United States probably has the facilities to host a tournament by itself tomorrow. Montreal's Olympic Stadium (56,000) and Toronto's Rogers Centre (53,000) are less ideal for soccer in their current states.

Farooq Abdullah trumps PDP, wins Srinagar by-polls
The Election Commission conducted a repoll on Thursday on 38 polling stations which were worst hit by the poll day violence. We also appeal governor that Anantnag election will be held under governor rule.