April 15 is the deadline to file your federal income tax return. It is also the deadline to pay any taxes that you owe. The Internal Revenue Service can impose penalties for people who do not file their taxes by the deadline. People who owe taxes but do not pay them by the April 15th deadline may also be required to pay a penalty.
If you choose to file your taxes late, then there are a few things that you need to know. Below is a list of some of the most important things you need to know about filing your taxes late:
1.) If you do not file your taxes by the tax filing deadline, then you may be required to pay a failure to file penalty. You may also be required to pay a failure to pay penalty if you do not pay all of your taxes by the tax filing deadline.
2.) In most cases, the failure to file penalty is higher than the failure to pay penalty. Even if you will not be able to pay your taxes by the deadline, you should still try to file by April 15. You should try to pay as much of your... read article
It is technically titled the Patient Protection and Affordable Care Act, but it is more widely known as Obamacare. As President Barack Obama said when it became law in 2010,"Everybody should have some basic security when it comes to their health care." Since that time, the Act has undergone many changes and much in-house and between-party squabbling. In 2012, the Supreme Court gave its approval for most of the Act's provisions, but 26 states and the National Federation of Independent Business challenged the concept that a person should be required to carry insurance or pay a penalty. According to House leader and Republican John Boehner, the Act would force millions of Americans to leave their private health insurance and into a government-run plan. The House of Representatives approved the Act in late 2009, followed by the Senate in December. The Senate bill was amended and passed by the House in early 2010, with Republicans giving it zero votes.
With the passage of the Act and its assurance of becoming reality, many Americans have many questions about Obamacare, such as: How will the Affordable Health Care Act affect my tax filing and what happens if I don't have insurance?
Warning by Florida Tax Attorney Highlights Importance of Checking Details When Preparing Taxes
Taxpayers should pay attention to every detail of their tax returns, according to Florida tax attorney Mary E. King.
That's because attorney Mary E. King said a variety of simple mistakes — including math errors, absentmindedness, inaccuracies as a result of rushing to complete returns, etc. — can all lead to nightmare scenarios if the Internal Revenue Service (IRS) targets them for an audit.
"Taxpayers should prepare their returns as if they were interviewing for a job,"Mary E. King said. "Like a job applicant wanting to make a favorable impression and be honest about their background, taxpayers should prepare returns that are complete and that they know are correct."
Attorney Mary E. King suggested several tips that taxpayers should remember to assure their returns are free of mistakes that include:
Always using a calculator when preparing returns. This is important even for the simplest of additions or subtractions because a minor mistake can snowball into a larger one in terms of the final amount... read article
Paying back IRS taxes may cost Florida federal taxpayers more than they realize as a result of IRS fees and tax penalties, interest and other factors, according to Sarasota Florida tax attorney Mary E. King. It’s important taxpayers not only realize that improperly dealing with their IRS tax burdens can cause them more than they might have initially paid the Internal Revenue Service (IRS), but also understand how tax attorneys can help ease their tax burden.
A taxpayer who thinks they can escape the wrath of the IRS by simply paying taxes on a few items they neglected is likely to be in for a very unpleasant surprise. That’s because there are a series of items the IRS can go after that can create a nightmare scenario where taxpayers are concerned.
Taxpayers who do not know the best solutions in dealing with the IRS can be putting themselves at further risk. She said paying all taxes due to the IRS on time is the best way to prevent the accumulation of tax penalties and interests, thus avoiding... read article
No More Refund Anticipation Loans IRS Wipes Out the “Quickie Tax Loan” Business with New Ruling
IRS Spokesman David Stell declared that the agency shall no longer release “debt indicators” of taxpayers to tax preparation services.
Debt indicators released by the IRS are those that indicate whether the taxpayer will receive any tax refund, and if that refund would be offset by payment of delinquent taxes, student loans or child support. Tax preparers and payday loans companies use this information to process Refund Anticipation Loan (RAL) or RAC (Refund Anticipation Checks).
The usual target market for the loans are taxpayers in the lower-income bracket. Tax preparers take advantage of these individual’s need to get hold of cash quickly to process such loans. Both refund anticipation loans and refund anticipation checks are being used by taxpayers so that instead of having out-of-pocket payments, the tax preparation fees and products are paid for. The target of such loans and checks are those who have no cash-at-hand to pay for services done under tax preparation.