Home Members Tools Credit Cards
   

  • Tax Deadline Today!

    Just a heads up if you havenít already filed your income tax return - today is the last day to get your taxes paid on time.

    Your mailed return must be postmarked or your e-filed return (with payment) must be electronically delivered by midnight to be considered on time by the IRS. Failure to pay the entire balance due can result in a late payment penalty.

    This yearís April 18th due date comes three days later than normal. The Internal Revenue Service said taxpayers set a record this weekend for e-filed tax returns, topping 100 million for the first time.

    Underpayment Penalty?
    If you owe more than $1000, be aware that you can be assessed an underpayment penalty. To pay this extra charge, you can either calculate it yourself or have your tax software figure it out for you and add the penalty amount to your tax payment.

    Or, you can just pay your tax bill and request that the IRS send you a bill for the underpayment penalty. It may take them many months to get around to it, but you can be sure the IRS will send that bill eventually.

    If you owe more than $1000 in taxes this year, consider changing your federal withholding with your employer to have more taxes taken out of each paycheck to avoid another penalty next year. You can fill out a new W-2 at any time of the year, and as many times as you need to.

    If you are self-employed and owe more than $1000, youíll need to send more to the IRS each quarter to cover your estimated tax payments to avoid a penalty next year.

    Another option for self-employed people who also work a second job as an employee: raise your withholding at your regular job to cover your taxes for both your job and your self-employment income. Your paycheck may shrink considerably, but it will save you the hassle of saving for and sending estimated tax payments through the year.

    Need more time?
    If you canít complete your tax return by the end of the day, request an extension. An extension gives you until October - another six months - to complete your return. The IRS doesnít need you to give a reason for needing one.

    All taxpayers can use IRS Free File to submit an extension. Taxpayers also can e-file an extension request using tax preparation software with their own computer or by going to a tax preparer who has the software. The IRS will acknowledge receipt of the extension request if you file by computer.

    An extension only gives you extra time to complete your return, but doesnít give you extra time to pay your taxes. Estimate your owed taxes as accurately as you can and send payment along with IRS Form 4868 by the deadline tonight or be subject to a late payment penalty from the IRS.

    If you donít owe any taxes or are due a refund, you will not be penalized for missing the tax deadline.



    Source:
    Internal Revenue Service
  • Disclaimer

    Information in these articles is brought to you by Finance Globe. Banks, issuers, credit card, and other companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles and is further subject to our terms and conditions.
  • Recent Headlines and Articles

    ChrisB

    How to Spend Less Time on your Budget

    Most people understand how important it is to have a budget, regardless of how much money they earn. That being said, many people shy away from this because they donít want to spend the time required to keep... read more
    ChrisB September 22nd, 2014, 09:29 AM
    ChrisB

    Self Employment: What you arenít Thinking About

    Is the thought of self employment running through your mind? Are you ready to leave the corporate world in the past and branch out on your own? If you find yourself leaning in this direction, it is imperative that you... read more
    ChrisB September 18th, 2014, 08:14 AM
    ChrisB

    Easy Ways to Save on Tech Devices

    Are you in the market for a smartphone or smartwatch? How about a tablet? Regardless of the tech device you are shopping for, you know one thing to be true: you are not always going to find something that... read more
    ChrisB September 17th, 2014, 09:23 AM
    ChrisB

    3 End of Year Tax Tips

    With the end of 2014 closing in like a freight train, there is no better time than now to start planning for next year.

    While your final tax returns may not be due until April 2015, the sooner you get organized... read more
    ChrisB September 15th, 2014, 09:48 AM
    ChrisB

    Home Equity Loan Benefits

    With a home equity loan, you are able to borrow against the value of your property to obtain cash. Here are some of the most common reasons for taking out this type of loan:


    • Remodel or home renovation
    ... read more
    ChrisB September 11th, 2014, 09:14 AM
    ChrisB

    3 Simple Steps to Boost your Savings Account

    When you look at your savings account what do you see? While some people are excited at the number that stares back at them, many are wishing they had more money.

    Rather than hope for a miracle, there are... read more
    ChrisB September 10th, 2014, 09:14 AM
    ChrisB

    Stop Ignoring Other Car Insurance Companies

    You know the drill: you head to your mailbox and find another letter from another car insurance agent. They want you to contact them at your earliest convenience for a free, no obligation quote.... read more
    ChrisB September 9th, 2014, 09:34 AM
  • Recent Article Comments

    Wanderer

    Self Employment: What you arenít Thinking About

    As a follow on this, being able to remain motivated and not side track since no one is looking over... Go to last post

    Wanderer September 19th, 2014 08:39 AM

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.