April 17 is tax-filing deadline

Danny Woods
April 15, 2018

The agency's workload was dramatically increased by the Republican tax law, which tasked the agency with immediately implementing hundreds of complicated revisions to the US tax code.

"Right now we've logged in nearly 1,100 tax returns", Dodd said.

A 2017 survey of Louisville taxpayers by the IRS Volunteer Income Tax Assistance program (VITA) showed low and moderate income families were more likely to be anxious about saving money for an emergency than they were about losing a job.

As you prepare yourself to file your returns, you need to do ensure that all details are filled in properly so as to help the tax authorities to process your refunds, if any, quickly. Somewhere between all the weekend shopping and errands and straight exhaustion from work, you just never got around to it. Encrypt sensitive files such as tax records stored on computers. The second fact is that with the Federal Reserve increasing interest rates this year, the interest rates available on annuities have increased as well, so you might be surprised at how high the interest rates available today are on many annuities. Check the IRS website here for details about each of these groups and their deadlines for filing taxes.

Typically, the IRS will send a notice in the mail. Tax Freedom Day this year will be April 19, three days earlier than last year.

An IRS spokesman said that in addition to the agency's 2014 guidance, taxpayers should look at other rules governing an exchange or transfer of property and find the "factual scenarios that most closely resemble their circumstances". The tax bill went into effect in January of this year, and will affect tax returns in April 2019.

More news: Elon Musk admits robots are slowing down Model 3 production

Tax preparers should sign the tax returns they prepare and include their PTIN on the return.

While online services such as TurboTax may have eliminated some of the customers accountants used to manage, accountants usually manage individuals with much more complex situations than what is suitable for TurboTax, Bauer said. If a taxpayer suspects a tax preparer filed or changed their tax return without their consent, they should file Form 14157-A, Tax Return Preparer Fraud or Misconduct Affidavit.

The IRS Volunteer Income Tax Assistance program (VITA) is providing help at the Louisville Urban League even past the filing deadline.

If the IRS audits students who fail to report all of their income, the IRS can and will levy fines and penalties, he said.

Did you invest in bitcoin in 2017, going along with the cryptocurrency craze that took over the country? The alleged offense varies from a mistake on your previous tax forms that's caused additional charges, to claims that you forgot to file, at some point.

Other reports by LeisureTravelAid

Discuss This Article

FOLLOW OUR NEWSPAPER