Last minute tax tips before Tuesday's filing deadline

Last minute tax tips before Tuesday's filing deadline

If you owe the IRS, you must pay your tax in full by April 17. "This penalty is larger than for not paying any balance due", advised Gil Charney, director at The Tax Institute at H&R Block.

WMAZ spoke with a tax director and got some of his tips on what you can do if you haven't filed yet. You will owe interest on any amount not paid by the April 17 deadline, plus you may owe tax penalties.

Concerning those scams perpetuated against the IRS, remember, when you sign a tax return you are signing under penalty of perjury.

Be smart about charitable gifts: The new tax rule almost doubles the standard deduction to $12,000 for single filers and $24,000 for those who are married and file jointly. The new extended due date for the tax return is October 15.

Here's the most important point: A tax extension does not change the tax payment deadline. If you're self-employed, lower your quarterly estimated tax payments accordingly. If you haven't filed, there are a few things to keep in mind when preparing your return.


Unbeknownst to most folks, specific items, if found in your return, may trigger an audit. This will serve as proof of filing similar to certified mail, receipt requested. They'll need to wait because they don't have the information necessary to compute their tax obligation.

That doesn't mean you can put it off for months. And along with those forms, Mann also recommends compiling all your log-in information for applicable websites, like your company's intranet or a student loan lender, so you can access the information if you misplace some paperwork. While this is nearly certainly smaller than the actual number of people experiencing these events, it may not be an accurate comparison for the 2017 tax year because of the vast differences in popularity of the cryptocurrency space between those periods.

You can still take steps to boost your refund.

If you are due a refund, the sooner you file, the sooner you'll get it. Credit Karma, the popular credit score site which maintains a tax platform as well, has documented information by the IRS which has detailed the individuals reporting capital gains from cryptocurrency investments.

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