Tax Day has been canceled… April Fools’!
Seriously, this year the tax filing deadline for individuals to file or submit an extension is April 17.
The 15th is a Sunday and the 16th is Emancipation Day in D.C., making the due day the 17th. You can go online to IRS.gov and either file for free or mail it in. The same goes for your state extensions - go to ncdor.gov and file your extension. You then have until Oct. 15 to file your return. Filing an extension is not an extension to pay. If you owe and cannot pay, please file your return, as the penalties are quite stiff, while the interest and penalties for non-payment or under-payment are much lower.
If you have filed your taxes, you may be in for a surprise come next year in filing your 2018 return and expecting a refund… or as large a refund as this past year. Or perhaps you owed due to under-withholding. The tax law that was passed by Congress in December lowered the tax brackets and increased the standard deduction for us all.
In February, the Internal Revenue Service put into place new withholding tables that, as you may have noticed, increased your paycheck to reflect lower federal income taxes. Last week, professionals, such as myself, were reminded by our IRS Liaison to have our clients review their withholding.
You can check your withholding with this free tool provided by the IRs.
Too many individuals merely look at the amount of their check and never check their paystubs for what may or may not be deducted. Be one of the few wise ones and check your withholdings while there is time left in the year.
And as always, if you have questions about your particular situation, find a credentialed professional to help.
Karen S. Durda, EA, President of Century Accounting and Tax Services, Inc., has been in the profession since 1984. As an Enrolled Agent credentialed by the Treasury Department, she has the rights as afforded by Congress to represent individuals and businesses before tax authorities. Since May 2012, she has also had the distinction of being a Dave Ramsey Endorsed Local Provider, assisting in budgeting and financial peace for a four-county area and parts of Myrtle Beach.As a Qualified Business expert with the New Hanover County courts, she has experience and knowledge of various scopes of professions and industries, such as medical, health services, legal, construction, retail, real estate, auto sales and service, insurance and restaurant. Continuous tax law courses throughout the year keep her up-to-date on all tax rules, regulations and law changes, as well as business trends, to better serve her clients.
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