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Tag: late filing penalty

Posts Tagged ‘late filing penalty’

Tax Deadlines for the 2019 Tax Season!

Posted by Manisha Hansraj on April 12, 2019
Last modified: April 12, 2019

2019 tax deadlines

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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Can I Deduct My W-2 Job Expenses?

Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019

w-2 job expenses

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…)

What is the Estimated Tax Payment Schedule?

Posted by Manisha Hansraj on August 7, 2018
Last modified: February 22, 2019

tax payment schedule 2018

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.

(more…)

Did You Miss The 2016 Tax Deadline?

Posted by admin on December 26, 2017
Last modified: August 30, 2019

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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Unfiled tax returns have you drowning?

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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Quick Guide: Filing Your Late Business Tax Return

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…)

What’s the Penalty for Filing Federal Taxes Late

Posted by admin on March 4, 2009
Last modified: September 19, 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…)