Here Are the Answers to Your Questions on IN
Now that it’s April, all income earners are expected to file their federal income tax returns. Normally falling on the 15th of the month, this year’s Tax Day will take place two days later, which means that you have more time to prepare your tax requirements. There’s no excuse that you won’t be able to submit your tax papers on time.
Tax Day is also the final day in making a contribution to a traditional or a Roth IRA, whether the tax is deductible or not. Freelancers and self-employed individuals are also expected to pass their first quarter 2018 estimated tax payments on the same day. Pensioners and veterans are not required to file a tax return unless they are planning to qualify for income subsidy.
If you’re wondering why Tax Day was moved, there are two reasons for that. First, April 15 will fall on a Sunday. On the following day, the District of Columbia will observe a holiday, which is Emancipation Day.
For these reasons, the government decided to push Tax Day to April 17.
Here are some frequently asked questions on Tax Day and the answers to them:
- How can I file an extension?
In the event that you can’t finish filling out your tax returns, you must file an extension by April 17. This way, you’ll avoid the penalties that will be incurred for late filing. The next tax day will take place on October 15 of the same year.
Use this Free File link by the IRS to file for your extension.
- I forgot to file my taxes. What happens next?
If you owe taxes, expect to be charged with a failure-to-file penalty, which typically amounts to 5 percent of your unpaid tax bill for each month that you were unable to pay your tax bill.
If the government owes you, you must file within three years of the April tax filing date. Otherwise, you’ll end up losing the refund.
- When is the deadline for 2017 tax returns?
IRS has not set a deadline for overdue tax returns from the previous year. However, if you wish to claim a tax return for a particular year, you should file a tax return for that year within three years of the actual deadline. If you file after three years, your tax refund will be forfeited.
- What happens if I can’t pay my taxes?
As long as you file them by April 17, you’re good. The IRS allows taxpayers to file their taxes without paying the tax they owe. Submitting your tax return on time will waive you from paying extra for late filing.
If you can pay some of the tax you owe, we suggest you do it by Tax Day. By paying on the day, your penalty for unpaid taxes will be smaller.
Let the IRS and your state tax office know about your situation. They will provide you ways and suggestions on how to pay your remaining taxes.
Get Tax Deductions from Breast Cancer Car Donations
Since we’re talking about taxes here, would you like to get tax deductions as huge as $500 or even higher? It’s pretty simple! Just donate an old vehicle to Breast Cancer Car Donations!
Apart from the tax benefits you’ll be getting, your donation will help thousands of American women who are struggling with breast cancer. You give them adequate resources for the treatment of the disease.
To know more about Breast Cancer Car Donations, our fast and easy car donation process, and the benefits that await our car donors, visit our FAQs page.