Tax day approaches, but there's still time to file

Jeannie Matthews
April 14, 2018

As the deadline approaches, millions of Americans may already know that they have nine days to file their taxes.

"The biggest concern we've got frankly is not just the tax treatment, it is the fact that cryptocurrency seems to be a way to evade federal income tax, and so the Criminal Investigation Division is very much focused on this, and they've got some investigations underway", he said. And that gives everybody an additional day to file their taxes, he said.

Ever wonder why Tax Day falls in the middle of April?

"Once this money is gone, it's gone and it's going outside of the United States and it makes these cases extremely hard to prosecute and try to determine where they originated", Ivens said. If you have paid excess tax during the year through tax deducted at source (TDS) or your tax-saving investments have not been taken into account while computing TDS, you would be eligible for a refund. You may be short on the cash to pay your taxes, but there are better ways to address your tax problem than avoiding it entirely.

The head of the IRS is warning tax payers of a new IRS scam that cheats victims out of their tax refund. TurboTax's Absolute Zero offer, which provided free tax prep and e-filing for taxpayers who filed 1040EZ and 1040A, expired on March 16. Residents that have filed a State of MI tax return but have failed to file a City of Lansing tax return receive at least three notices in their mailbox before legal action is taken.

With the average respondent receiving a tax refund of $3,119.43 (for reference, recent IRS data pegged the national tax refund average at $3,120), this will likely be the largest paycheck many poll participants will receive throughout the entire year.

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"We normally do over 1,000 returns a year", said David Stephenson, an RSVP volunteer. If you don't- the IRS charges a penalty of 5% of what you owe for every month you're late.

If a taxpayer is unable to get copies of missing income statements, such as W2s, 1099, 1098 or IRA contribution information from their employer, bank or other payor, you should use the IRS "Get Transcript Online" tool to obtain a 2014 wage transcript by visiting IRS.gov or file Form 4506-T by mail to request a transcript.

IRS has a long way to go in its efforts to modernize legacy IT systems.

Filing for an extension: Is it bad, and is there a penalty?

Filing for an extension on your taxes needs to be done at the same time as everyone else is turning in their actual taxes, which means now.

You'll get slapped with one of two penalties if you don't file both of these, depending on which you fail to do.

Though the refund amounts vary per individual, the average refund left on the table by IN residents is approximately $1,073.

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