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Give yourself extra time to find exactly what you'll need. The IRS also levies interest on unpaid taxes, now at a rate of 3%, compounded daily.
For those who still can't make it, even with the extra time, you can file an extension. Your federal income tax return needs to be submitted to the IRS by April 18, 2017, or you could face some still penalties, and about one-fourth of Americans wait until the last minute to get their returns in. To get the extension, taxpayers must estimate their tax liability on this form and pay any amount due.
Tax Day, or the deadline for filing taxes on income earned in 2016, is April 18.
But if you're one of those procrastinators who hasn't filed yet, you're in luck this year. (For details, see the IRS website: irs.gov and look under "Tax Relief in Disaster Situations.") There are other deadlines for many taxpayers living and working overseas, as well as for members of the military serving in a combat zone. Last year's tax return can be a guide if your situation hasn't changed significantly.
The areas that were hardest hit by flooding have seen the biggest jump in activity, Otten said, noting that the number of people assisted at the Baker branch library was 63 percent higher than in 2016.
Most people will be able to come up with these numbers, but what if you can't?
Next, look at your W-2 form.
Usually, these are unpaid individual tax obligations that are not now being worked by IRS collection employees and often were assessed by the tax agency several years ago. That could delay a tax refund.
Need More Time to File? For example, it's 4 percent for unpaid taxes. The remainder is your tax bill for the year. The IRS Directory of Federal Tax Return Preparers is available to assist you in your search for a qualified tax professional.
"Unexpected and threatening calls out of the blue from someone saying they're representing the IRS to collect a tax debt is a warning sign people should watch out for", Koskinen said. Taxpayers who can't meet the deadline can file for extensions that will let them submit their tax returns later. They expect that you will pay your taxes throughout the year and any remaining balance on the normal due date. A list of materials people should bring to their local site is available online on the IRS website. Almost 13 million tax filers claimed an exemption for 2015 taxes, according to the IRS. By filing your return at the due date or the extension due date, late filing penalties are reduced. You can file for a 6-month extension with Form 4868 by April 18th. And if your return is more than 60 days late, the IRS assesses a minimum tax penalty of $205 or 100% of the tax you owe, whichever amount is less. Instead, you can funnel some or all of it directly into a retirement account, college savings, a health savings account or a brokerage account, to name a few options.
Most young people don't have enough tax-deductible expenses to warrant itemized deductions, but some certainly do. Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.