Posts Tagged ‘late filing penalty’
Posted by Manisha Hansraj on April 12, 2019 Last modified: April 12, 2019
Important upcoming deadlines you need to know.
Tax season is a stressful time for some taxpayers. However, knowing each tax deadline will give you a heads up so you know how to stay on top of your game.
For all the 2019 tax deadlines that are left, take a look at the list of due dates below.
April 15, 2019
- Individual Income Taxes deadline
- Last day to file and pay if you owe taxes to the IRS without accumulating penalties
- Final day to file a tax extension to the IRS
- First Estimated Quarterly Tax Payment due
- Sole proprietor, LLC, and corporation taxes due
- IRA contribution deadline
- Last day to postmark, paper-file and claim your 2015 refund
April 17, 2019
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Tags: 2015 refund, 2018 tax return, 2018 taxes, 2019 tax season, deadline for taxes 2018, estimated tax, estimated tax payment, extension deadline, failure-to-file, failure-to-pay, form 1040, IRS penalties, late filing penalty, Maine, Massachusetts, natural disaster, paperfile, statute of limitations, tax deadline, tax extension, tax refund
Category: Tax and Life Changes, Tax Deadlines, Tax for Business, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on March 28, 2019 Last modified: March 28, 2019
The new tax season brought in a lot of changes, and your job expenses are one of them.
If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses.
Here’s the breakdown.
Eligibility
The new tax laws have narrowed down on who claims their W-2 job expenses, mainly by their occupation.
You can only deduct your job expenses if you’re one of the following: (more…)
Tags: 2018 tax return, 2018 tax year, 2018 taxes, current year tax return, extension, filing status, IRS penalties, job expenses, late filing penalty, standard deduction, tax cuts and jobs act, tax deduction, tax extension, tax refund, unreimbursed job expenses, W-2, w-2 job expenses
Category: Tax and Life Changes, Tax Deadlines, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on August 7, 2018 Last modified: February 22, 2019
Do you need to make estimated tax payments?
Typically, if you receive a W-2, your taxes are automatically withheld. However, if you earn money from self-employment, interest, dividends, or rents, you will have to make estimated tax payments. This ensures that you’re paying your taxes.
Read on to find out the estimated tax payment schedule for 2019.
Estimated Tax Payment Due Dates
Generally, taxpayers can figure their estimated taxes and pay four equal portions of it throughout the year. You can also choose to pay your estimated tax by the tax deadline.
For instance, you can pay your estimated tax by April 15, 2019 or the dates below.
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Tags: 2018 estimated tax due dates, april 17, estimated tax, estimated tax payment, interest, January 15, June 15, late filing penalty, nonresident, past due, september 17, tax liability, underpayment, underpayment of estimated tax
Category: Tax Tips and Tricks
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Posted by admin on December 26, 2017 Last modified: July 27, 2020
Did you miss the 2016 tax deadline?
With tax seasons coming and going, you probably have some catching up to do. Luckily, you can still file your 2016 tax return if you’re one of many taxpayers that are rushing to stay on top of a missed 2016 tax deadline. That being said, start raiding your rooms for all the receipts you need to finish your taxes. If you want to find out if you have a refund coming your way, utilize our 2016 tax calculator.
Read on to find out how to file your 2016 prior-year return.
Can I E-file my 2016 Tax Return?
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Tags: 2017 taxes, 2018 tax season, deadline, efile, file, file 2016 taxes, IRS penalties, late filing penalty, late taxes, missed, missed 2016 tax deadline, missed deadline, paperfile, past due, tax refund
Category: Tax Tips and Tricks
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Posted by admin on June 6, 2017 Last modified: June 16, 2017
Overwhelmed With Prior Year Unfiled Tax Returns?
While most Americans finish or have finished their current year taxes, others have stacks of unfiled tax returns from previous years. You may feel swamped with the pressures of work and within a blink of an eye, you wake up to find an IRS notice in the mailbox. Let’s face it, life gets busy. Nevertheless, you have forgotten about those prior year tax returns, but the IRS hasn’t. Here are some common questions for those taxpayers who are stuck in the mud with unfiled tax returns:
Should I file my Unfiled tax returns?
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Tags: CP3219N, failure-to-file, IRS penalties, late filing penalty, late taxes, paperfile, prior year tax, state tax refund, statute of limitations, tax refund, unfiled taxes
Category: Tax Tips and Tricks
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Posted by Michelle O'Brien on March 21, 2016 Last modified: December 21, 2016
“Mistakes can often be as good a teacher as success.”
As a business owner, you might have already heard this one. Jack Welch, the founder of General Electric, made this statement and although he wasn’t talking about taxes, it applies.
The filing deadline for LLCs is always April 15th. The filing deadline for S-Corps and C-Corps is always March 15th. Sure, missing the filing deadline for your business tax return is a mistake. However, it can be resolved, and with less of a penalty than you may think. You’re constantly learning as a business owner and probably making your fair share of mistakes along the way. Let’s take a look at how you can prevent one of them.
Calculating the Late Filing Penalty
Penalty fees for filing late LLC and S-Corp tax returns are based on how many months you are late to filing and the amount of shareholders or managing members involved. Late filing fees for a C-Corp are based on how many months the return is late. Let’s break it down a bit further. (more…)
Tags: business tax return, C-Corp, late filing penalty, late taxes, LLC, S-Corp
Category: Tax for Business
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Posted by admin on March 4, 2009 Last modified: October 2, 2019
Taxes take a big bite out of your income, but that bite gets bigger with the addition of late filing penalties.
How much bigger? It depends on what you’re late on, and how late you are.
For example, there are penalties for late filing, not paying at all, and both can be combined.
Here are some facts.
Taxpayers with refunds can file late without penalties. In other words, only taxpayers with a tax due to the IRS face penalties. (more…)
Tags: failure to file penalty, failure to pay penalty, IRS penalties, late filing penalty, penalty, tax extension
Category: Tax Deadlines, Taxes for Prior Years
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