Published: Sat, April 14, 2018
Finance | By Loren Pratt

Good news and bad for tax filing procrastinators

Good news and bad for tax filing procrastinators

In general, the IRS recommends keeping your records that support an item of income or deductions on a tax return until the period of limitation - or the time period in which you can amend your tax return to claim a credit or refund - for that return expires.

"If you haven't already filed, don't rush", IRS spokesman Michael Devine said. Note that the form must be filed even if the company derived no income from USA sources related to the business or trade, and/or if any such income is exempt from US tax liability under a tax treaty. It is further delayed due to the federal income tax filing date being pushed back by the Washington, D.C. "Emancipation Day" holiday. The program is open to individuals and families with incomes of $66,000 or less. With paper filing, you oversee every detail with no immediate tax help available.

The company also found that only 0.04% of Americans are even aware they should pay any taxes on these types of gains.

For many students who have jobs, receiving a W-2 and filing their taxes on online sites, such as TurboTax or H&R Block, is not hard, Hutchens said. In the meantime, may the 2018 tax filing season rest in peace.

The agency says "Ghost" preparers are paid to prepare a tax return, but they do not sign it, either on paper of electronically.

It used to be, when taxpayers depended on the U.S. Postal Service to send their tax returns to the IRS, that final day to file was a bit chaotic, to say the least, said Jan Guse, the postmaster of the Owatonna Post Office.

"Granted, refunds can be a nice way of forcing us to save money", Bauer said.

"When you file electronically you will usually see your refund within three weeks". The failure to file penalty is ten times larger than the failure to pay penalty. If the city were to collect this money we could fund 15 miles of road projects, hire additional police officers, replace and fix emergency vehicles and many other important projects that residents and visitors are asking to be completed. If the return is filed on May 1, the penalty will be another $50. A number of people at 6abc have received an email from an alleged Senior Tax Officer claiming "Your tax refund may be delayed" because "your tax account has been accessed by multiple IP's outside of the country and we have temporarily locked your account". "On the other hand, as long as you have money in your account, owing tax at the end of the year isn't that bad - it means you've had more money throughout the year to do with it what you want".

Time is running out to get your taxes done.

Con-artists work to get their hands on returns from the previous year and they use that information to file new fraudulent returns on unsuspecting victims.

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