USA citizens, green card holders must file an income tax return

Apr 13, 2017, 01:30
USA citizens, green card holders must file an income tax return

Taxpayers should estimate and pay any owed taxes by April 18 to avoid a potential late-filing penalty.

Authorities began investigating Lundene after an allegedly fraudulent return was filed online in March 2015 with the IRS, reports said. If you are single, and they go after your pay, you could be left with just $201 a week for living expenses, McKenzie said.

When you file your taxes for the first time after buying a home, for example, take time to find your closing or settlement statement, called the HUD-1. Similar rules apply. You can generally contribute to your HSA until April 18, 2017, and have it count toward your 2016 contribution limit ($3,350 for singles and $7,750 for family coverage).

Some people are getting calls or letters from the IRS asking for personal information.

In addition to fees charged by Tax Breaks, Robinson often required clients to pay her an additional fee in cash.

Durham, N.C.: Preparer Laurean S. Robinson, 31, has pleaded guilty to filing false returns, specifically fraudulently claiming the Earned Income Tax Credit and inflating refunds. Check out "What You Must Know Before Doing Your Own Taxes". Unless you have received written communication from the IRS that outlines your tax debt, the IRS is unlikely to call you to collect.

You might catch a break if you've paid at least 90% of your actual tax liability by the April deadline and you pay the rest with your return.

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And they "must be courteous and must respect taxpayer rights", according to the agency. "Here's a simple rule to keep in mind". The IRS looks at the taxpayer's income and assets to make a determination regarding the taxpayer's ability to pay.

Henderson reiterated the most important documentation for the 2017 tax season: income, proof of children's residency and the 1095A form for those who have health insurance through the ACA.

April 18 is the deadline to file 2016 federal and MI tax returns. The IRS also might let you off the hook if you can show "reasonable cause" for why you didn't pay on time - though you'll need to attach a written statement to your return. Robinson also trained other Tax Breaks employees to similarly prepare false returns. But if you don't file anything by the deadline, the penalty is five percent for each month or part of a month after the due date.

Generally speaking, though, taxpayers must have their taxes prepared by the tax preparation company at a participating office to be eligible.

"I'd like to fall into one of those jobs where I would file a huge tax return", he said.

So, assuming you remembered to request an extension by the April deadline, filing your taxes late isn't a curse, nor does it put some sort of black mark on your "record". The monthly penalty for not filing a tax return is 5% and is capped at a maximum of 25%.

If you haven't filed your 2016 tax returns, don't panic yet - you have a few extra days this year beyond the traditional April 15 deadline.

Even if you know that there are two types of IRS calls going around - one real and one fake - it may be hard to tell in a stressful situation.

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