Are you one of the millions of
Americans who hasn't filed (or even started) your taxes yet? With the April 18
tax filing deadline quickly approaching, here is some last minute tax advice
for you.
1. Stop Procrastinating. Resist the temptation to put off your
taxes until the very last minute. It takes time to prepare accurate returns and
additional information may be needed from you to complete your tax return.
2. Include All Income. If you had a side job in addition to
a regular job, you might have received a Form 1099-MISC. Make sure you include
that income when you file your tax return because you may owe additional taxes
on it. If you forget to include it you may be liable for penalties and interest
on the unreported income.
3. File on Time or Request an
Extension.
This year's tax deadline is April 18 (April 19, in Maine and Massachusetts). If
the clock runs out, you can get an automatic six-month extension, bringing the
filing date to October 17, 2016. You should keep in mind; however, that filing
the extension itself does not give you more time to pay any taxes due. You will
still owe interest on any amount not paid by the April deadline, plus a
late-payment penalty if you have not paid at least 90 percent of your total tax
by that date. At SK Tax Associates, we
provide range of extended services to our clients in various industries. We
provide traditional accounting and tax preparation
services schaumburg to individual
and businesses from bookkeeping, payroll processing, sales tax compliance and
annual tax returns but our focus is always to go beyond compliance and help our
client thrive by providing extended range of services that are rarely offered
by most CPA firms.Call
the office if you need to file an extension or file for late-filing penalty
relief.
4. Don't Panic If You Can't Pay. If you can't immediately pay the
taxes you owe, there are several alternatives. You can apply for an IRS
installment agreement, suggesting your own monthly payment amount and due date,
and getting a reduced late payment penalty rate. You also have various options
for charging your balance on a credit card. There is no IRS fee for credit card
payments, but processing companies generally charge a convenience fee.
Electronic filers with a balance due can file early and authorize the
government's financial agent to take the money directly from their checking or
savings account on the April due date, with no fee. The Schaumburg
bookkeeping service
provider serves as per the best interest of clients. Irrespective of being a
wage earner, business owner and investor, hundreds of tax returns are prepared
by the Schaumburg Payroll service provider.
5. Sign and Double Check Your Return. The IRS will not process tax returns
that aren't signed, so make sure that you sign and date your return. You should
also double check your social security number, as well as any electronic
payment or direct deposit numbers, and finally, make sure that your filing
status is correct.
Manen Kothari, CPA serves in Schaumburg, Mount
Prospects, Glendale Heights, Bartlett, Barrington and Chicago as well as other
areas of Downers Grove, Naperville, Des Plaines, Elk Grove Village, Skokie and
Addison. We are also efficient in showing
you the detailed deductions that can help you to limit your tax liabilities for
the next few years to come as long as we are at union with your business.
Call now: 847.524.0001
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