Tax Day tips in The Woodlands

Apr 18, 2017, 01:05
Tax Day tips in The Woodlands

Members of the military and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any taxes due.

The IRS will not forget about your dues, so make sure you address them promptly.

"If they don't check [the box] and don't fill out the forms, it will not show a penalty on the return and the return will get accepted by the IRS", said Lance Campbell, a certified public accountant with Hawkins Ash CPAs in Rochester. The memorandum notes that the goal of the lien discharge process is to permit the transfer of property free from the lien when it's necessary to clear title and directs the IRS agents to consider whether the estate tax liability is adequately provided for, either through the prior receipt of estimated payments or the escrow of proceeds that are equivalent to the estate tax liability. Extensions are free for everyone, regardless of income. Once a return or claim has been submitted, filers may check myVTax for the status of their submissions and income tax refunds. The best way to avoid this penalty, which could quickly add up to 25 percent to their tax bill, is to file a completed tax return or apply for an extension.

Filing a tax extension keeps you in good standing with the IRS, which will then know that you'll be filing your complete paperwork later.

The Affordable Care Act (ACA) remains the law of the land, so IRS says there's still a health insurance component to Tuesday's deadline for filing taxes. The April 18 deadline also applies to homestead declarations, property tax adjustment claims, renter rebate claims, and applications for the extension of time to file a personal income tax return. 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. Most taxpayers have qualifying coverage for all 12 months of the year, IRS says, so they simply check a box indicating full-year coverage on their returns.

Explaining tax is a basic obligation and the country's "life blood", Gayas urged tax payers to pay the right tax amount to the government and advised taxpayers to visit their office for tax assessment before they remit their tax dues at the Land Bank of the Philippines.

When will I get my refund if I file for an automatic extension? "If you can't do that, pay in as much as you possibly can to avoid further potential late-filing and interest charges", Speiss said. That's not just because of the risk of penalties on taxes owes, but also because of recent increases in tax fraud where someone steals your identity - and your tax refund - while you wait. "The IRS has options if you can't pay all the tax on time, like installment agreements", he said. Twenty of those Minnesota returns listed $1 million or more in adjusted gross income; as a group, those taxpayers paid $102,000 in tax penalties.