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Tax deadline looms: Should you file for an extension?

11 April 2018

Tax preparers like Tammy Pedersen-Marker from H&R Block say while the deadline nears, there's still time to make sure all is in order. Incorrect numbers can cause a refund to be delayed or deposited into the wrong account. If you held it less than 12 months (short-term) the gain is taxed as ordinary income. The statement continues stating that for any individual guilty of filing a fake return is exposed to a maximum prison sentence of three years and a maximum fine of Dollars 250,000. For instance, filing as head of household provides more benefits than married filing separately, explained Mark Steber, chief tax officer of Jackson Hewitt Tax Services. Typically, basis is first determined by cost - in other words, the amount in US dollars you paid for the property - and adjusted by certain events (this might include stock splits if you held stock).

"There are so many data breaches that have happened", he said.

The New York State Department of Taxation and Finance reminded taxpayers this week that they can request an automatic extension of time.

Don't leave money on the table or pay more in taxes than you have to.

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United States residents who choose LIFO or Average Cost will likely be under-reporting their 2017 tax liability.

The IRS details that earnings from digital currency transaction must be reported to them and thus resulting in tax returns.

Perhaps even more concerning: the refusal to fund adequately the IRS ultimately amounts to a decision to pass up on vital federal revenue.

Some forms will come in the mail, while others can be retrieved electronically. This means they can report much less than their actual income when filing taxes, and they often get away with it.

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It may sound basic, but keeping all your tax documents in one place, including your W-2 and all applicable interest statements and receipts, is key to making sure you get all the deductions you are eligible for, said Chris Mann, a Bloomfield Hills, Mich. -based tax attorney.

Keep a copy of the return.

Nancy Hecht, a veteran certified financial planner in Longwood, said the site is a needed option, especially during tax season.

The last day to file your income taxes is Tuesday, April 17. And as cryptocurrency is written on top of blockchain technologies, which is an immutable public ledger, it's likely that tax fraud will become harder to get around in a future dominated by crypto.

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By waiting until the last minute, you increase your risk of mistakes.

A second tax filing, known as a trust return, also needs to be filed within 90 days on any income after death such as rental income or investments, he said. At a minimum you could owe back taxes, penalties, and interest. That said, experts believe that when the IRS does issue guidance, it's going to treat cryptocurrency the same as securities.

Filing for an extension gives you more time to file your return, but it doesn't give you more time to pay taxes you owe. You can also request an extension by mailing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

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Tax deadline looms: Should you file for an extension?