If you didn’t file by April 15, don’t panic! The IRS is not going to take you away to prison. Here are some tips from them about what to do if you didn’t file or get an extension to file: http://content.govdelivery.com/accounts/USIRS/bulletins/b16d5e?reqfrom=share If you are getting a refund, there will be no late filing penalty. If you owe, there may be penalties, so get it done and paid as soon as you can. The IRS has free options for filing a simple return with low income, or you can prepare with TurboTax or use a preparer to get things finished. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Musings of a CPA in Burbank: Ten Facts about Amended Tax Returns
The IRS has put together a group of tips on filing amended income tax returns. You can see these at the following link: http://content.govdelivery.com/accounts/USIRS/bulletins/af2b51?reqfrom=share One of the most important items is the first item – you have to paper file amended tax returns (no efiling!), so it is going to take a while for these returns to be processed. You are going to need to be a little patient, so don’t check the IRS website every day to see how it is coming along. Give it some time. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
CPA Tax Musings: Make Sure You File Your Extension!
If you don’t think you are going to be able to get your tax stuff together by April 15 (either to get to your preparer or to prepare yourself), don’t lose heart! You can still get an extension to file your taxes that gives you an additional six months until October 15 to get things organized. That should give you plenty of time to file One important point to remember. An extension to file is not an extension to pay the taxes, so if you think you will owe taxes, remember that you will be penalized 1/2 percent a month (or part of a month) in late payment penalties plus interest until you pay what you owe. That is bad, but if you don’t file an extension, you also face late filing penalties of 5% a month (maximum 25%) plus interest as well as the late payment penalties. So when you file that extension, estimate what you will owe and pay it with the extension form 4868 – make sure it is mailed (and postmarked) by April 15 or things could get expensive! For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 [...]