5. Avoid penalties and late filing fees The Income Tax Department can impose a penalty of up to ₹5,000 for delayed filing or non-filing of an ITR. An additional penal interest on the unpaid tax liability will also be levied if you're filing return after the due date. ...
Note that you can always file for an extension, but an extension of time tofiledoesn’t give you an extension of time topay. You’ll start accruing interest and penalties immediately after the May 17th tax filing deadline if you owe taxes. You can avoid the interest as long as you pay...
Now, if you're one 1 out of every 4 taxpayers, so, that 25% of the taxpayers that are expected to owe or have a balance with the IRS when filing the tax return, the IRS still expects for you to send the tax payment on time by the deadline on April 15. So if you realize ...
Even if you've already earned most of your income for the year, you can still make some common-sense moves to reduce the amount of income taxes you owe in the current tax year.
The IRS kicked off the new tax filing season on January 29, which means that taxpayers will have between that date and April 15 to file their returns. If you need more time, you can request an extension, which gives you until mid-October to file. ...
Taxes 2023: What to know if you've procrastinated filing your tax return ByJason Knowles and Ann Pistone Saturday, April 15, 2023A third of all Americans say they wait till the last minute, according to a recent study.CHICAGO (WLS) -- Have you been procrastinating doing your taxes? You ...
With just a few days to go until the tax-filing deadline, people who have not yet done their taxes may think they are doomed. But you still have time to save money on your taxes if you’re smart. If you’re looking for information, the IRS has reams of advice on itswebsite, incl...
But with a few days left until the due date, it's urgent to start the process now of submitting your return. Here are the steps to begin your tax filing: First, find all of your documents Everyone's tax return will look different, but generally, most consumers will need one or more ...
Kathleen PeddicordDec. 16, 2024 Bill Would Repeal Social Security Taxes A bill has been introduced to eliminate taxes on Social Security benefits. Maryalene LaPonsieDec. 13, 2024 2025 Changes to IRA RMDs New withdrawal requirements for inherited IRAs create tax planning challenges for beneficia...
The ordinary statute of limitations for IRS audits is three years. This means that from the time of the filing of your income tax return that is being examined, the IRS has three years before the audit statute runs, or the “Assessment Statute Expiration Date” (ASED), by which the ...