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The 2014 Personal Return Filing Deadline Is Almost Up!

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The 2014 Personal Return Filing Deadline Is Almost Up!

 

With the exception of those who live in a Presidentially Declared Disaster Area, the deadline for the 2014 personal return will end on October 15, 2015.  Please know that if you are located in one of the Presidentially Declared Disaster Areas you MUST request an additional extension as allow based upon additional time allowed in your area.

Here are some tips for last last-minute filer:

  • Don’t trust the internet to be there at the last minute- If you end up with software problems or internet outages at the last minute.  Without proof of filing, the IRS is not likely to give you grace.
  • Know the hours for the post office if you plan to paper file- Each city will have its own hours.  Remember you typically have to be in line before they close for them to serve you.
  • Since you are cutting it close, proof of mailing is important- You will  want to send the returns, certified with return receipt
  • File the return with complete information if you can.  The important thing is to file! I am not advocating filing a frivolous or inaccurate return.  If your information is CURRENT but incomplete, it is best to make reasonable estimates of your expenses and deductions.  If you are estimating your expenses due to incomplete information, include a statement to that fact and state you plan to amend the return when all information is available. The important thing is to file.  The penalty for failure to file is 5% per month up to a maximum of 25%.
  • File an amended return once you have all the correct information- You have up to 3 years to file an amended return to receive a refund if the return was filed timely. There is no limitation to file ONLY to reduce a liability.
  • Most experienced tax professionals have a cutoff date for new clients- Most experienced tax professionals are up to their eyeballs in work before a deadline; therefore, they must impose a cutoff date for new client.  If you can find someone that is not busy before the deadline, they are likely not very experienced or you got really lucky.  If you lean towards less experienced,  review your return very carefully.  Make sure the income information is accurate; remember you can amend for expenses and deductions.
  • DO NOT let your inability to pay stop you from filing- You still have option to pay, such as; an Installment Agreement, Innocent Spouse, Offer in Compromise and, once the returns are seasoned, even bankruptcy.  Remember the penalty for failure to file is 5% per month up to a maximum of 25%.  This is something that can be prevented by filing the return.
  • If you need a short term deadline to pay, contact the IRS- You may request additional time to pay your tax in full using the Online Payment Agreement application on www.irs.gov. Taxpayers who request, and are granted, an additional 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time. There is no fee for this short extension of time to pay.

In summary, it is important that you file!  Don’t let fear, confusion, lack of information or documents cause you not to file.

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