Wednesday April 16, 2014
Filing a tax return after the April 15th deadline typically isn't any different than the normal procedures. Be sure you have all your tax-related documents for income and deductions, prepare your tax returns, review the return for completeness and accuracy, and file the tax return with the IRS. Tax software is still available. Web-based Free File tax software also remain operative through October 15th. (After October 15th, Web-based tax software will go offline to transition to next year's software system.)
The only a couple of extra things to remember about filing after April 15th.
First, remember to include any extension payment along with your other withholding and payments on your tax return.
Second, if you have a refund, the IRS typically won't assess any late fees. If you have a balance due, however, the IRS will assess a late payment fee along with interest.
Tuesday April 15, 2014
Today, April 15th, 2014, is the day that tax returns are due to the IRS.
You either need to file your tax return or file an extension. I recommend filing an extension. An extension is a formal request for additional time to file a tax return. The IRS automatically grants extensions, as long as you file Form 4868 to ask for one.
Extensions can be filed online, sometimes for free or low cost. It takes about 20 minutes (give or take) to file an extension online. The extension will need to be submitted to the IRS before midnight in order to be valid.
You might also need to file an extension with your state.
Today is also the last day to:
Monday April 14, 2014
The Internal Revenue Service has different addresses for different types of documents being mailed. Here's links to pages on the IRS.gov Web site with the relevant mailing addresses: Read More...
Friday April 11, 2014
If you're planning on contributing to an individual retirement account (IRA), be aware that the deadline for making contributions for tax year 2013 is April 15, 2014.
People can contribute up to $5,500 to a Traditional IRA or Roth IRA or some combination of the two. Taxpayers age 50 or older may contribute $6,500. To be eligible to contribute to an IRA, a person needs to have income from wages, self-employment, or alimony.
Contributions to a traditional IRA are potentially tax-deductible. This is one of the few tax moves that a person can make to get more deductions and lower their tax liability. The deduction may be reduced or eliminated based on whether a person or his or her spouse is covered by a retirement plan at work.
Contributions to a Roth IRA are never tax-deductible. On the other hand, the earnings on the Roth IRA can potentially be tax-free. Eligibility for a Roth IRA is limited based on income.
Check this list and make sure you're on top of your retirement planning:
Other deductions to consider: