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Your tax return is due April 15th of the following year (i.e. tax returns for the 2021 year will be due April 15th, 2022).
You can file for an extension to file your tax return. With the extension, your return will be due October 15th. If you believe you will owe money, you should pay this amount with your extension on April 15th. The extension is only an extension of time to file, NOT an extension to pay.
An online tax organizer helps you organize your tax information to ensure that you don’t miss any important documents. If you already have a tax organizer account, please login here. If you don’t have a tax organizer yet, please register here. Please contact us at the office if you have questions.
The child must be 18 or younger at the end of the year, or under 24 if a student (child must attend university full-time for 5 months out of the year. Child must also live with you at least half of the year.
Don’t fret. We can amend your return by filing Form 1040X. Provide your tax preparer with the additional information that was not reported on the original return and Form 1040X will be prepared to reflect the additional information with an additional fee.
Here are the consequences of not filing your tax return:
o Late penalty - 5 percent of the unpaid taxes you owe for every month you delay filing your return, up to a 25 percent cap
o Forfeiture of tax refund
o IRS will file Substitute for return on your behalf
o If you owe more than $25,000, you can be arrested and face criminal charges.
If you were married by December 31, you can file married filing jointly/married filing separately.
Note that married filing jointly has tax rate advantages vs married filing separate. Married filing separate also have limitations of what deductions you can take.
You should pay estimated tax payments to the IRS and state authority (if required). There are 4 estimated tax payments that should be filed throughout the year. The due dates are as follow:
April 15th, June 15th, September 15th and January 15th of the following year. Your tax preparer can assist with calculating how much you need to pay quarterly.
The answer depends on how you file your return. The IRS should issue your refund check within 6-8 weeks of filing a paper return. Should you choose to e-file and request a direct deposit, your refund should be issued between two and three weeks. Please inquire to learn more.
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