[4/8/19] Tax Day Approaching

Posted in Business & EconomyTagged , ,

Not to be the bearer of bad news but… your 2018 tax return is due one week from today.

The Internal Revenue Service is urging taxpayers to file your tax return on time, even if they owe but can’t pay in full. The IRS also recommends that taxpayers do a Paycheck Checkup early in 2019 to avoid having too much or too little tax withheld.

Most taxpayers are being affected by major tax law changes. While most will get a tax refund, others may find that they owe taxes.

Those who owe may qualify for a waiver of the estimated tax penalty that normally applies. See Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and its instructions for details.

The filing deadline to submit 2018 tax returns is Monday, April 15, 2019.

How to make a tax payment

Taxpayers should visit the “Pay” tab on IRS.gov to see their payment options. Most tax software products give taxpayers various payment options, including the option to withdraw the funds from a bank account.

Can’t pay a tax bill?

Everyone should file their 2018 tax return by the tax filing deadline regardless of whether they can pay in full. Taxpayers who can’t pay all their taxes have options including an Online Payment Agreement. Most taxpayers qualify for this option and an agreement can usually be set up on IRS.gov in a matter of minutes.

Another option is an Installment Agreement — agreements are paid by direct deposit from a bank account or a payroll deduction.

Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at  IRS.gov