Good news and bad for tax filing procrastinators

Adjust Comment Print

Tax Day 2018 is nearly here. In fact, if the IRS owes you money, you don't even have to let them know you're filing late. "This penalty is larger than for not paying any balance due", advised Gil Charney, director at The Tax Institute at H&R Block. By contrast, the failure to pay penalty is 1/2 percent per month, plus interest. Even a messy shoe box full of receipts can lead a tax preparer to find some hidden refund opportunities, so it's advantageous to consider itemizing if you have a home, kids, or a newly complicated tax situation.

WMAZ spoke with a tax director and got some of his tips on what you can do if you haven't filed yet. However, they're more than happy to hang on to the money they owe you if you don't. For more information, visit http://www.irs.gov/Individuals/Free-Tax-Return-Preparation-for-You-by-Volunteers.

Taxpayers have until Tuesday to file.

Instead, carefully gather and enter your Social Security number, income information and banking information, if needed.

Yankees-Tigers DH opener postponed
The Tigers have a scheduled off day on Monday and then will start a three-game home series against the Baltimore Orioles. The Tigers plan to start Francisco Liriano on Tuesday, Matthew Boyd on Wednesday and Jordan Zimmermann on Thursday.

Federal prosecutors say Kristyn Daney and Rakeem Scales admitted Friday to preparing a false tax return for an Internal Revenue Service undercover agent three years ago. Many states have their own required tax extension forms.

If you're doing your taxes yourself and plan to file taxes online, you can fill out Form 4868 to file a tax extension directly through IRS.gov or via your choice of tax-prep software, like TaxAct's online tools or TurboTax Easy Extension. This will serve as proof of filing similar to certified mail, receipt requested. They then call the victim to say the refund was deposited in error and give information to forward the money to their collection agency. If you're married filing jointly and your adjusted gross income is less than $150,000, just make sure that this year's withholdings plus payments equal the same as last year. Good news, you don't have to file by April 15 to be on time.

Be careful about home mortgage interest: As of December 14, 2017, the new tax law mandates that you can only deduct interest for new home loans up to $750,000 (the previous limit was $1 million).

Daney and Scales said ahead of the 2014 tax filing season they were directed to manipulate client information to maximize refunds. Credit Karma, the popular credit score site which maintains a tax platform as well, has documented information by the IRS which has detailed the individuals reporting capital gains from cryptocurrency investments.

Comments