April 3, 2018
Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different story if you have a balance due. There are two types of penalties. Late filing and late payment penalties are quite severe. Filing an extension gives you until October 15th to file and avoid the late filing penalties. However, there is no extension for paying your tax liability even if you have a valid extension to file.
In addition, the April 17, 2018 deadline also applies to the following:
If this office is holding up the completion of your returns because of missing information, please forward that information as quickly as possible in order to meet the April 17 deadline. Keep in mind that the last week of tax season is very hectic, and your returns may not be completed if you wait until the last minute. If it is apparent that the information will not be available in time for the April 17 deadline, then let the office know right away so that an extension request and vouchers for 2018 estimated tax may be prepared if needed. Caution: To be valid, the extension must be completed with a properly estimated tax liability using the information currently available.
If your returns have not yet been completed, please call right away so that we can schedule an appointment and/or file an extension if necessary.
Beginning in 2014, the Affordable Care Act, also known as Obamacare, imposed what a “share-responsibility payment” on taxpayers who did not sign up for minimum essential health coverage. This payment is essentially a penalty for not being insured.
If you trade cryptocurrencies like Bitcoin you are required to report the transactions for tax purposes.
The IRS wants its cut and you may not know it. Call our office for assistance. Learn more in the video below.
Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different story...