Wednesday, 26 September, 2018

Tax deadline: Things to know about filing taxes

You may be able to get your tax return done for free. Check it out You may be able to get your tax return done for free. Check it out
Orlando Vargas | 16 April, 2018, 06:23

For those people who failed to file their return for 2014, this is the last filing season you can still do so and get your refund if one is owed. Some of the most common mistakes taxpayers make when rushing to meet the deadline include putting down an incorrect Social Security number for a child or spouse, or forgetting to simply sign a paper return.

When is the last day to file taxes in 2018?

You're probably wondering about this basic question: How can I file for an extension?

The deadline to file your 2017 income tax return is supposed to be April 15 but this year you have two extra days, as Tax Day lands on April 17.

Santa Barbara County residents and businesses qualify for a tax-filing extension from the Internal Revenue Service (IRS).

If you plan to submit an extension form to the IRS, you must submit form 4868.

"It will give you the time to get everything together, maximize your deductions and go ahead and file it and have it taken care of", said Byron Smith, a Shareholder at Gregory, Sharer & Stuart, CPAs.

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Also, if you filed in January or early February and claimed the refundable Earned Income Tax Credit or the Additional Child Tax Credit, the IRS by law was not allowed to start sending that money out until February 15.

Officials say a tax extension is an extension of time to file, not an extension of time to pay.

"The IRS will work with you", he said. This is especially helpful if you are on the margin between taking the standard deduction and itemizing, which could lower your tax liability.

"It's important to note that the failure-to-file penalty is generally more than the failure-to-pay penalty", said Sanford.

The most popular planned use of tax refunds, coming in at 43%, is adding the money to their savings.

Paying off debt is another priority when it comes to planned uses of tax refunds.

So, it's a great year to have a professional look at your taxes.

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