Taxes 2018: What you need to know

W-2s: Federal law states that all employers must send employees their W-2 statement no later than January 31st.

Dates: The IRS will officially began accepting tax returns for 2018 on Monday, January 28, 2019. The deadline to file is Monday, April 15, 2018.

Extension: You can request a 6-month extension that gives you extra time to file your return but does not give you extra time to pay your return. Payments are still due on April 15, 2019.

Penalties: There are two types of penalties. Failure to pay and failure to file. If you know you cannot afford to pay your taxes in full, it is in your best interest to file your taxes and then pay what you can.

Failure to File: You will be charged five percent of the unpaid taxes for each month that your tax return is late. This charge will start the day after the due date.

Failure to Pay: You will be charged half percent of one percent of what you owe. This applies to each month after the due date that you do not pay.

Penalty Exceptions: You will not acquire a penalty if you can show and prove legitimate reason for not filing or paying on time.

How to File: If you are hoping to file electronically you can look up and see which services are free through this IRS link. Public Service has partnered with Turbo Tax to give members a discount on using their service. Click here to save $15. If you wish to do it yourself, you can file on paper and only pay the cost of a stamp.

Leave a Reply

Your email address will not be published. Required fields are marked *