Tax tips: 7 reasons to file an extension

IRS Says Fewer Than 100 People Have Reported Bitcoin Holdings So Far

If the deadline is fast approaching and it looks like it won't be possible to file those taxes in time, ask for an extension.

"Then that allows them to have until Oct.16 to get everything taken care of". If that happens file for an extension. This must take place as part of the electronic filing process - you can not initiate EFW after your taxes have been submitted.

Falsely padding deductions on returns: Taxpayers should avoid the temptation to falsely inflate deductions or expenses on their tax returns.

You will need to supply a contact phone number, Social Security numbers for every filer, and a payment date.

Some military personnel are automatically granted extensions.

Brokerage firms also may have issues in preparing their 1099s for clients. In 2017, that meant taxpayers earning $66,000 or less - more than 100 million taxpayers - were covered by the program.

"The IRS and tax system is one of the worst systems in the federal government and that's why we wanted to make it as simple for people as we could", U.S. Representative Buddy Carter said. Volunteer Income Tax Assistance Program (VITA) program director Genevieve Anderson said nearly 5,000 people have sought help this year from the United Way's free tax service program. "The changes are on a going forward basis, so it doesn't affect anyone's 2017 returns". With that much money at stake, it would only make sense that crypto holdings will start to become a major focal point in IRS audits. The IRS tries to meet their audit targets by starting earlier in the year.

If you are self-employed, you may want to fund a SEP-IRA, solo 401 (k) or Simple-IRA plan.

If you file an extension and are due a refund, there is no penalty.

If a taxpayer can not complete their tax return by the filing deadline, they may apply for a filing extension with DOR or the Internal Revenue Service (IRS).

Williams says, "They just have to remember that by filing the extension that just gives them an extra six months to file their taxes, but if they do owe money, the money that they owe is technically still due on April 17th".

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