Perspective: The April 15 tax deadline is close. Why you should file on time.
However you feel about the tax-filing process, it’s important to file on time. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist April 4 It’s easy to understand why so many people procrastinate about doing their tax returns.
— There’s a penalty for not filing on time. Even if you can’t pay what you owe you should still file your tax return by April 15. — There’s a penalty for failing to pay your entire tax bill on time. The late penalty is one-half of 1 percent for each month, or part of a month, up to a maximum of 25 percent of the amount of tax that remains unpaid from the due date of the return until the tax is paid in full, according to the IRS.
Do you really want to spend the rest of this year or years scared of getting a letter from the IRS? File your return on time and call the IRS for help if you can’t pay your bill. Don’t let your fear of filing cost you more than what you may already owe.— There’s a chance you may miss out on getting a refund. An estimated 1.2 million taxpayers have not filed their 2015 tax return, according to the Internal Revenue Service. They are owed $1.4 billion.
CPA Michael Landsberg of Atlanta wrote, “The limiting of itemized deductions such as $10,000 for state and local taxes has, in some cases, caused taxpayers to end up taking the standard deduction rather than their normal itemized deductions. This has surprised some but one potential solution for the charitably inclined would be to ‘bunch’ charitable contributions. That strategy entails making a few years’ worth of contributions in one year so that itemizing becomes realistic.
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