Drumroll please… Tax day is quickly approaching…Are you ready? Have you completed your tax return? If you owe money have you paid the IRS? Luckily if you find yourself not completely ready for the April 18 deadline, you have a few days left to make arrangements. Here is everything you need to know before the tax deadline hits.
April 18 is the big day! Love it or hate it, taxes must be filed and the day is approaching. It’s not too late to ensure you remain compliant with the IRS and file your taxes. The My Accountant Bookkeeping and Tax Service Inc team is available and ready to help. Perhaps you’ve put off filing your taxes because you don’t have your paperwork ready to go, or maybe you think you are going to owe money, or you just lost track of time. Whatever the case may be, the My Accountant team is on your side and ready to advocate for you. Not only can they help you prepare your tax return, but they can also assist you in the filing process and answer any questions you may have after the fact.
Whether you have filed your taxes already, or you’ve yet to do so, we have advice and tips regarding your tax return.
- If you haven’t yet filed, determine if you are required to file a tax return. Majority of Americans are indeed required to file a return but there are also exceptions based on your age and income totals.
- If you do meet the criteria that doesn’t require you to file a tax return, you are still allowed to file one. Not only will this keep your important tax information on file, but you may also be eligible for credits you wouldn’t otherwise receive.
- Your accountant can help determine if you are required to file your taxes and assist you in the process.
- If you aren’t required and you choose not to file a return, it is still important to keep your important documents organized for future reference.
- If you have already filed your taxes, check the status of your return here.
- It is important to ensure the IRS receives and accepts your return once you file.
- If you are expecting a refund, check if you have received it (or confirm it is in process).
- If you are unable to submit your tax return before the April 18 deadline, request an extension through the IRS website.
- If you owe the IRS money but are unable to pay before the tax deadline, you may be eligible to create a short or long-term payment plan through the IRS. You will have to submit an application with IRS to see if you qualify. This must be completed before April 18 to avoid late fees and interest.
Tax Extensions Explained
The deadline to file an extension for your taxes is also April 18! If you find yourself panicking on tax day because you won’t be able to submit your return, then you need to file an extension to avoid huge penalties. However, when filing an extension you need to know:
- If you file an extension, the new deadline for your return is October 15.
- It is important to use the IRS liability estimator to determine if you will likely owe the IRS money.
- If you are projected to owe money, you still need to pay the IRS by April 18 or apply for a payment plan.
- Without paying the IRS or setting up a payment plan by the April deadline, you are subject to pay fines and interest.
- There is no fee to request an extension.
- If you are expecting a refund, you won’t receive your money until you complete and file your return.
- Consider an extension as a solution in the case of an emergency. Although anyone can request an extension, it is always best to reach out to your accountant and get your taxes filed before the April deadline. However, there is always circumstances when you may need to request an extension such as:
- An unexpected or major life event has occurred.
- You are missing documentation that prevents you from accurately filing a return.
- You need professional assistance.
If you have yet to file your taxes, it is time to make a plan. Talk to your accountant and setup a meeting ASAP so you can get your return submitted to the IRS or determine if you would benefit from an extension. It’s also important to make payment arrangements as needed or check the status of your refund if applicable. Even though the deadline is only days away, it’s not too late. My Accountant Bookkeeping and Tax Service Inc is here and ready to help.