IRS will use private debt collectors, but warns of potential scams
You'll only be contacted if you have longstanding tax debts.
There is a common belief that you should be among the masses filing by the April deadline so you don't draw attention to yourself from the IRS and bring on an audit. Here's a handy guide to finding the right tax professional for your needs. Ideally, you should get with your accountant or tax pro and file as soon as you possibly can.
Most years the usual deadline to file returns and pay taxes due is April 15. Mistakes can result in penalties.
If you're claiming an adjustment for a contribution to an IRA or a retirement plan such as a Solo 401 (k) plan or a SEP IRA, you must deposit the contribution to that account no later than the date you file your tax return. Taxpayers who file an extension request with the IRS automatically receive an extension from the state. You should only call if it's been 21 days or more since you filed electronically or more than six weeks since you mailed your paper return. Alternatively, file one with the IRS.
Frequently, taxpayers qualify for one of several payment options, and taking advantage of them is often easier than many people think. "However, if there's lost or missing documentation or some other issue or complication with your return that may require more time, it might also be worth requesting an extension to make sure your return is accurate". If your tax refund vanishes too quickly, don't have it all sent directly to your checking account. The mailed payment must be postmarked no later than April 18 to avoid any additional interest and penalties.
Debt collectors are coming ... for your years-overdue unpaid federal taxes.
If you don't pay on time there will be penalties - expensive ones.
If you're skeptical about the agent on the phone, get their company information, phone number and extension. Another great use is an emergency fund - having a little to add each month could have helped you all year.
They can identify themselves as IRS contractors. If you get a call or a letter from a different firm, they are not working with the IRS. Make sure everyone is on the same page because if you file your own taxes and your parents claim you as a dependent, the IRS considers this a scam. The total can be as much as 47.5 percent.
The IRS collects information from your employer, financial institutions, and other entities that create tax information forms like W-2s, 1099s, and similar filings.
If you've moved since filing your last return, you must notify the IRS. "In essence, you're making an interest-free loan to the government". However, before you file yours, it's important to clarify what an extension is and what it isn't.
If you need more direction, go to www.irs.gov. But as with any project on which you procrastinate, leaving everything to the last minute can lead to errors, both large and small, and some of those errors could cost you serious money.
The address where you mail your return depends on where you live, so check the instructions for Form 1040X to find the right location.
If you've asked the IRS to split your refund but there's a delay processing your return, beware: The IRS will deposit your money only into the account you list first on Form 8888.
Many employers offer flexible spending plans that let you contribute toward yearly medical expenses pre-tax.
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