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It’s almost tax day, and even if you really waited until the last minute this year, there are options out there for you.
The first thing to keep in mind is that you aren’t alone. The Internal Revenue Service estimates that 20 to 25 percent of taxpayers file in the final weeks before tax day.
Plenty miss the deadline as well: The IRS estimates that about 10.5 million taxpayers filed for an extension last year.
In total, the IRS processed about 145 million returns last year.
The good news: The IRS has made it pretty easy to ask for more time, using an online form that will give you a six-month extension.
The bad news: You still have to get some basic paperwork together to file for the extension. Most importantly, the IRS will ask you to pay up, at least based on the estimate for what you owe.
One thing you probably don’t want to do: Hide under a rock and pretend it isn’t happening. The IRS recommends filing the paperwork and paying what you can by April 17, in order to avoid or minimize late fees and other penalties.
There are also some options for folks who can’t pay. The IRS has expanded a program called “Fresh Start,” to help people who are unemployed and owe taxes, set up payment plans for people who owe less than $50,000 and even work with the IRS to settle some tax liabilities.
If you are filing at the last minute, chances are you’re moving rather quickly. The IRS also has some tips for avoiding common errors at the last minute. Among the common-sense tips: Don’t forget to sign and date the return.
Related:
IRS strikes tough balance as 'nice bad guy'
Celebrate (or ease the pain) on tax day with free deals. NBC's Chris Clackum reports.
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Yes just vote to extend your payment until October 15th like Romney did!
Of course if you owe them money they will penalize you.
Which isn't fair since they don't pay you the interest on the money they DENY you until the end of the year!
You do not have to let them hold that money. You can claim as many deductions as you want, just be prepared to pay up next April 15th.
MM, you must mean, claim high allowances on withholding. If you do this, you had also better be prepared to pay the underpayment penalty. The tax system is pay-as-you-go for the simple reason that people do NOT put money aside to pay taxes on their own.
Gene. If they havent filed since 1992 let them know they can leave the country. It is all of our responibility to pay taxes as Americans. People who dont pay are freeloaders we dont need.
What should someone do if they havent filed since 1992 and afraid of any added expence that would send their borderline existance into turmoil?
There are people to help you in that situation. Go see a real accountant ( not a weekend warrior just in business for the tax season) and explain your situation. You may be quite surprised, they may owe you money. I had a friend who was in panic because he had not filed in over 15 years. When he finally squared up, they owed him a huge amount and he retired !
15 yrs ....that's bull .....The IRS can come after you for a debt owed for 7 yrs ....and they will get their money . Trust me.......however if they owe you and you fail to file ..... they are on the hook for only 1-2yrs . Go figure . In any event Gene ....doing nothing is not the answer . Face them head on . It's the only way to get through it. Believe me..... I know from experience.
Gene - depending on your income, you may not have been required to file, but if you're at that income level you're doing yourself out of refunds and possible credits by not filing.
PValdes, the length of time is 3 years, and after that IRS doesn't come after you UNLESS it is a case of tax fraud. There is no statute of limitations on tax fraud.
To Gene--talk to an Enrolled Agent. These are tax specialists who are licensed to practice before the IRS. Often they know more than a CPA because all they do is taxes. Don't go to anyone who advertises on TV--those people will just take more of your money. You can find local Enrolled Agents (E.A.s) at naea.org.
Even if you cannot pay what you owe, you should still file. You will pay interest, but they will work out a payment plan and penalties are less, if any. If they catch you and you did not even file, they can be relentless going after you and will attach any account or property you own.
I just mailed the return and additional large payment. Interesting to find that we paid more in taxes than VP Biden....and we gave WAY more away to charity. Interesting how they want to increase my taxes more so they can give my philanthropy to wasteful government agencies.
Oh by the way I too am part of the 99%...we are the people being killed by taxes on our income and investments. A "Buffet Tax" is absurd! Why work any harder if the government is going to take 40% of everything you make!
We need smaller less intrusive government, lower taxes, fewer entitlements, and to REDUCE OUR DEBT now before this country becomes Greece 2.0!!
We, too, gave more to charity than the Bidens did. Thankfully, we adjusted our withholding last year so that this year's check that accompanied our return was a bit more tolerable.
Iwould love to see programs enacted to go after the people who just decide not to pay. Give them some motivation to file and pay their taxes like all the rest of us.
The Fed returned my enormous 300 check within 7 days. The State of California owe's me 3100 and they keep telling me 7-10 days, its been 14 (5 business day work week). My tax man keeps saying no one but me is complaining all have received their refunds from the State. Is anyone else having trouble with the State of California besides me so I can prove my tax man wrong?
Damn! I'm Republican, you mean we have to Pay?
I love the highways, bridges, trains, airports, communication systems, healthcare, and all the other services that I use every day. Not every country has the things that we have and complain about as though they should be handed over for free! I talking to the 1%. Freedom is not free! Go live somewhere else if you don't like taxes!
Why do you have healthcare funded through the federal income tax? Why should the federal government fund trains?
Mature societies know it costs to build and maintain.
Childish societies - and those destined to fail - think they can get by without building, without maintaining, without a protective and supportive government that serves the people.
Instead, the childish ones prefer a warm gun and total chaos, no rules (regulations) and no oversight to protect society from the abusive, the greedy... the childish factions who think compromise is getting their destructive way every forking time.
We owed a little more than we had had deducted this past year - we came pretty close though - we hate to give the government an interest free loan by having more deducted than is their due. Why file early? This past weekend was well within the deadline.
I just wrote a check for $11,400.00.
I feel faint.
someone may have mentiones this already but just in case - IF YOU ARE OWED A REFUND DO NOT BE CONCERNED ABOUT THE DEADLINE!!! YOU HAVE 3 YEARS TO 'CLAIM' YOUR REFUND.
My wife was still unemployed last year -- NO THANKS TO YOU GEORGE BUSH JR. -- so I again had too much withheld. Plus, some K-1s from our investments don't arrive until late March. I still don't understand why that is. In all, we didn't file until April 13, and we'll be getting a relatively large refund. Enough for a nice vacation some place that requires a passport to get to, but then the garage roof needs replacing. I guess vacation this year is going to be another week-long bicycle ride with pizza and beer for dinner.
Quit bitching...you're getting a "large" refund, idiot!
I wrote a check for $7200 and change, and had a total federal tax bill just north of $75,000. The damn AMT needs to be repealed, and the 50% of the deadbeats in this country who pay ZERO in federal income tax need to start paying "their fair share" and stop hiding behind the liberals.
What really disgusts me isn't the amount I pay, or the incredible waste that much of it goes to fund, but rather the vitriol and demagoguery from all the people who pay nothing, demanding I pay more. While you claim your "earned income tax credit" and rant on about "the rich" and "the 1%" people like me are actually paying the bills for this country. Time to get some thanks.
We are part of the 2 per cent, and pay big taxes in terms of numbers. But as a Percentage of our income, it is at a historic low. I know it is incredible tolook at that big number and not to feel angry about it, but why be angry? This country enabled us to make the big bucks we make. We keep far more money than we pay. We are not going without anything we want or need.
Those people who pay no FEDERAL income taxes do not make enought to qualify tp pay taxes. They still pay sales tax and payroll tax and property taxes. The question is how can we enable those people to make more money so that they pay more taxes? Increased prosperity for everyone increases revenue, and takes the burden off of us. For that, we need BETTER SCHOOLS. Better schools require taxes. So stop complaining and support legalization to increase federal spending for education.
I had a good year. Made some money; saved some money. Bought a new home then refinanced in same year. Lived within my means and didn't over spend. Getting back a nice return for my effort. Notice, I'm not giving the POTUS credit and you shouldn't blame him if you have to pay! If you’re against the Buffett rule don’t complain about your tax; the mega wealthy pay 10-15% on their investment income. Again, you can’t blame the POTUS. Happy Tax Day everyone! =)
I got an extension but I cannot pay before the deadline. With no money, what can they do?
You must mean that you have no money. What they can do is add on penalty and interest. When you do file, you'll get a bill for this additional payment owed. If you don't pay it, then after some length of time and more letters, IRS can put a hold on your bank accounts and take anything in them, put a garnishment on your wages, even put a lien on your property. The last trouble you want to have is with IRS. So, save up for when you file your taxes and save yourself a lot of pain.
Please be aware, those of you who blame the POTUS for taxes, that all revenue raising and spending is the responsibility of the Congress which is currently in the hands of the Republican Party. Don't blame the wrong people for your taxes.
Last time I checked the Senate was controlled by Democrats.
Uh, you're a tad confused Civilprof....Demorats are still control of the Senate which can shoot down anything the House passes.
I had a good year. Made some money; saved some money. Bought a new home then refinanced in same year. Lived within my means and didn't over spend. Getting back a nice return for my effort. Notice, I'm not giving the POTUS credit and you shouldn't blame him if you have to pay! If you’re against the Buffett rule don’t complain about your tax; the mega wealthy pay 10-15% on their investment income. Again, you can’t blame the POTUS. Happy Tax Day everyone! =)
The real question is did Timmy Geithner file any this time or was Turbo Tax over to complicated for him?
Sorry Peter and Wally... I meant the House of Representatives. Just saying, don't blame the Pres.