Reminder: Tax Day 2018 is Right Around The Corner!
Did you know that Tax Day 2018 is quickly approaching? This means you have until midnight to e-file or postmark your tax return.
Tax Day usually falls on April 15, unless it lands on a weekend or holiday. This year April 15 falls on a Sunday, and on Mon., April 16, the District of Columbia celebrates Emancipation Day, a federally recognized holiday. Thus the tax deadline for individual returns is April 17 this year!
With the approaching Tax Day 2018 deadline, here are a few things to keep in mind:
1 – You can still file an extension.
If you are a tax procrastinator, know that you have options. Head into any Block Advisors office nationwide and one of our tax experts can help you out! You’ll need to file an extension via Form 4868. Once approved, you will have until Oct. 15.
(Important: The extension of time to file is not an extension of time to pay. Generally, you must pay at least 90% of your tax liability by April 17 to avoid late payment penalties.)
2 – You have the right to a high-quality tax professional.
If you’re filing your taxes last minute, you still have time to access an experienced tax advisor. If your taxes are complex, or if you want to leave the preparation duties to someone else, you should consider working with Block Advisors. Before you work with them, you can even ask a series of questions related to:
- Tax background
- Modes of communication
- Areas of specialization
- Client audit representation
3 – The tax deadline does not apply to all taxpayers.
Special due dates may apply if you:
- Served in a combat zone or a qualified hazardous duty area.
- Have a tax home in a foreign country.
- Live in an area affected by a natural disaster. (View the IRS website for a list of natural disaster areas for which the IRS has granted a postponement of the April 17 deadline.)
- Paid all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card.
- Already filed a tax extension.
4 – You have until midnight on Tax Day to file.
Walk into a Block Advisors location on Tax Day or find an office location here. Office hours vary so schedule an appointment now to secure a date/time that works best for you.
5 – You should plan in advance next year.
Next year, avoid the stress associated with procrastination and file your taxes early. There are many benefits of filing early, including:
- A potentially larger refund: IRS data shows that taxpayers who file by mid-February get significantly larger refunds than those who file later—around $300 on average.
- Better protection against identity theft: Filing earlier in the season means nobody can claim YOUR refund before YOU. You will beat fraudsters to the punch.
- More time on the clock to pull together associated financial and tax documents.
- Better access to a tax advisor.
6 – You have three years to claim a refund.
Most taxpayers don’t realize they have up to three years from the original due date of their tax return to amend a return after they file. You can file an amended return using Form 1040X to correct filing status, change the number of dependents, total income, or to add tax deductions and tax credits. Block Advisors also offers a complimentary service to all clients called Second Look® Tax Review. With the Second Look® Tax Review, our trained tax advisors will review previous tax returns (up to three years) that you or others prepared to ensure you get the refund you earned, fair and square.
7 – Your overall tax picture will change next year.
Because of the many tax reform changes, you should consider consulting a tax professional to see how your taxes will change. All Block Advisors clients now receive a specialized analysis through Forward Look. Included with a 365 Tax Plan, you’ll get a personalized forecast of the impact of the TCJA with an estimate of whether you’ll have to pay more or less taxes next year.
Need more information? Get up to speed on upcoming tax deadlines for individual filers.