IRS Awards Tax Filing Extension for Santa Barbara County

7 valuable tax tips for last-minute filersMore

You can get an automatic six-month extension of time to file from the IRS.

Crypto Taxes - As April 17th closes in Credit Karma, the highly used Tax platform in the U.S., announced that less than 100 people have reported capital gains from cryptocurrency investments in 2017. If your income is above that, multiply what you paid previous year by 1.1 (to get to 110%).

"It's important to note that the failure-to-file penalty is generally more than the failure-to-pay penalty", said Sanford.

If you owe money and cannot pay immediately, you can ask the IRS for installment agreements when you file your taxes.

WMAZ spoke with a tax director and got some of his tips on what you can do if you haven't filed yet. You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund or maybe paying down outstanding debt or replenishing your emergency reserve fund.

If you really can't get your tax return done, seek an extension.


Instead, carefully gather and enter your Social Security number, income information and banking information, if needed.

If you're like roughly three-quarters of United States tax filers, you'll get a refund when you file your 2017 federal income tax return this year.

While mostly done for altruistic reasons, property owners receive significant tax benefits from such activities.

But filing your taxes is something that Cauble recommends you do before the state and federal deadline this week. Accordingly, the IRS will not recognize any such arguments and assess a penalty of $5,000 for filing a frivolous return. This will serve as proof of filing similar to certified mail, receipt requested.

"If I had to guess, there's probably a lot of underreporting", said Elizabeth Crouse, a Seattle-based partner at law firm K&L Gates. And along with those forms, Mann also recommends compiling all your log-in information for applicable websites, like your company's intranet or a student loan lender, so you can access the information if you misplace some paperwork.

"As long as you pay 100% of your 2016 tax liability - 110% for higher income taxpayers - you will not owe a penalty on your 2017 return", Jaeger said. It will take more time in the long-run to correct your mistakes and will delay any refunds. About one in five waits until the last two weeks before the deadline to file taxes.

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