One tax deadline is behind us, and now it is time to file those annoyingly ridiculous personal income tax returns. Here are some friendly reminders before you sign that tax return under penalties of perjury.
The deadline to file your personal income tax return this year is Wednesday, April 15. If you cannot meet that deadline, you’ll have to file for an extension and make a good faith estimate of the tax you will owe.
If you fail to make that good faith estimate, the IRS could assess a failure to file penalty as well as a failure to pay penalty. Failure to make the estimated tax payment with your extension can render your extension void. Failure to file penalties are equal to 5 percent per month, capped at 25 percent of the tax due. Failure to pay penalties are equal to half of 1 percent per month, capped at 25 percent of the tax due... Read More