ibusinesslines.com
ibusinesslines.com August 19, 2018


Watch out for tax scams ahead of April deadline

16 April 2018, 06:27 | Kelvin Horton

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The Internal Revenue Service (IRS) says as of April 1, 1 in 3 people across the country still had not filed their tax returns. But keep in mind that while an extension grants additional time to file, tax payments are still due on April 17.

Although this is generally referred to as a six-month extension, note that although Tax Day this year is April 17, 2018, rather than April 15, your 2017 tax return will be due on October 15, 2018.

Viruet says avoiding penalties are important, but it is equally important to get the credits that you are entitled to.

You can do that by filling out the IRS 4868 form. If you expect to receive a refund this year, choosing to e-file with direct deposit will get you access to your money faster. If you're working in the gig economy or as a freelancer, you're allowed to take advantage of business expense deductions that you may not be eligible for as a W-2 employee, such as start-up costs, computers, auto expenses and so on, according to Greene-Lewis. Workers are starting to see more take-home pay as employers implement the new withholding guidelines from the IRS. Specifically, if the IRS has found an error on your return or requests more information from you. That means almost 50 million taxpayers have either spent the last week scrambling to locate key documents and file their returns, or have scrambled to locate key documents and instead filed for an extension.


"The IRS will work with you", he said.

To find out how much you have to pay, you can use the payment estimator provided by the IRS on their website.

The most popular planned use of tax refunds, coming in at 43%, is adding the money to their savings. Any tax owed must be paid by Tuesday. Some are income basic but it's only a little bit throughout the year, so I think it's good that everybody looks forward to that refund.



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