“As long as it’s in by the 18th it gives you an additionally six months to file your return”, said Copp. If you are a small business owner, you should be aware of some of the most common tax mistakes your fellow small business owners make so that you don’t repeat them. For 2014, if you earned at least $10,150 you must file an income tax return, even if you were a full-time student for the entire year. There are ways to abate the penalties.
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The IRS frequently grants installment agreements if the taxpayer makes the appropriate request. We did some digging to find you some tax tips.
“And even if you can’t pay it, you should still file because otherwise you’d be paying an extra penalty”. The filing deadline is next Monday, April 18th. If you can’t or don’t want to do your taxes yourself, you’re running out of options … or are you?
Robin Hardage, manager of Jackson Hewitt Tax Service in Clovis, explained why filing taxes can cause stress.
(MEDIA GENERAL) – The old saying, “nothing can be said to be certain, except death and taxes” doesn’t really ring true, considering Tax Day – which usually falls on April 15 – has been delayed to April 18 (or April 19) in 2016. So, here’s the truth about tax myths you could have sworn you knew the answer to past year, but either forgot or blocked it out of your memory.
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Hardage said with the increase in identity theft previous year, the IRS and state government are requiring more people than usual to verify their identities. You can do that at IRS.gov. But you might not owe the penalty if you have “a reasonable explanation” for filing late, so again, you’ll need to attach a written explanation to your return. Widen your search using the IRS’s public directory of tax return preparers. If you earn less than $54,000 annually or are 65 or older, you can qualify for free preparation assistance from the IRS. Experts suggest keeping this ratio below 30% if possible; 50% or greater may be a red flag to creditors who will offer you higher short-term interest rates as a result.
