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William Perez
Guide since 2004


About.com Tax Planning: U.S.

Tax Planning Basics

The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your income, increase your deductions, and take advantage of tax credits.

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Setting Up Monthly IRS Payments

Setting up a monthly payment plan with the Internal Revenue Service is fairly easy. Either you or your tax professional can set up an installment agreement over the phone, by filling out some paperwork, or by using the Online Payment Agreement web application.

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Tax Planning: U.S. Spotlight10

Tax Reform Act of 2014, Part 5, Employee Benefits

Thursday April 17, 2014

House Ways and Means Committee Chairperson Dave Camp released draft legislation, the Tax Reform Act of 2014, proposing a wide variety of changes to America's tax system. In part 5 of a series, we look at proposals for changing employee benefits.

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What To Do if You Missed the Tax Deadline

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.

Tax Day

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:

 

Where to Mail Tax Returns, Tax Payments and Extensions to the IRS

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...

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