Are you one of the Angelenos who filed for an extension on your taxes? We’ll time is almost up!
More than one in 10 taxpayers applied for an extension this year, according to the IRS. You are not alone. The changes in the tax code signed by President Trump In December 2017 created new tax rules that some individuals needed to take more time and evaluate the new law.
Typically, taxpayers who ask for an extension need time to gather more documents or have complicated taxes and need additional professional help. For example, if you are employed and have a side business, you’ll need proper guidance to file returns accurately so you don’t need to pay extra toward your taxes and fees.
If you have a simple W-2 return, online programs do a good job of guiding you through the process and finalizing your returns. If you have a complicated tax year, Call your local tax pro, they will answer your basic questions for free and advise you on the next steps. Gather all the documents- pay stubs, insurance contributions, and retirement contributions, and show them to your tax professionals.
Missing the October 15th tax extension deadline is no joke. The IRS imposes “failure to file” penalties of 5% a month.
You want that to happen. If you owe taxes and can’t pay them immediately, the IRS will work out a payment plan for you.
Let your tax professional know as well.
Tax professionals can help you prepare for the following year. Working with a tax professional can save you taxes in the long run than doing it on your own. If you have multiple streams of income chances are your tax returns will be complicated, in the same vein you are not a tax professional.
Focus on your craft and let a tax pro guide you through the filling process. If you are expanding your business or just got promoted to a more complex job responsibility. Your time is more valuable to improve yourself than figuring out your tax situation in the long run.
Call us today if you have any questions about your taxes. We can help you in Spanish and English.
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