When Do I Need To File My Taxes?

Answer 1

April 15th is tax day in the United States. If you have earned any income in the country, you need to make sure that you file a tax return. However, there is a lot of information you need to know when it comes to filing your taxes on time and not running afoul of the law.

An Extension Can Be Filed

Taxpayers who are mulling over ways to get the maximum refund on their taxes can request an extension on the filing of taxes. This extension gives a taxpayer until October 15th to file their taxes. This time can be used to go over investments made, take some time to consult an accountant to find any missed deductions and simply make sure that the tax return has been filed properly.

Don't Forget To File Every Year

Some taxpayers think they can get out of paying taxes by simply not filing a return. However, the IRS will find out about you somehow. Whether it is a whistleblower who knows about your cheating ways, or your state notifies the IRS that you haven't filed a state tax return, the IRS will find out. When this happens, you will be offered a chance to make things right, but it will cost you more in the long run. Penalties and fees will make your tax evasion not worth it.

No Extension To Pay Your Taxes

If you owe taxes to the government, you must pay that money by April 15th, or contact the IRS to make payment arrangements. If there have been no arrangements made, and you do not pay by the 15th of April, you could be charged with evading taxes. There is no need to take that risk, just come clean if you have an unexpectedly large tax bill. The IRS is open to compromises and potentially not collecting at all if it is that big of a hardship.

Knowing when you need to have you taxes filed and paid will help you avoid a lot of problems. There is nothing worse than having to pay the IRS extra money in penalties and fees because you didn't know the rules. Always check with the IRS, or a tax attorney, if you are looking for exact answers to your specific tax situation.