Income Tax Refund La Habra

When are taxes do for 2019

Your typical tax day in America will usually fall on April 15. However, if that date just so happens to fall on a weekend or on Emancipation Day, which is observed in the district of Colombia, then the tax date may be pushed back to April 16, April 17, or even April 18. Make sure that you are not putting this off till the very last minute to ensure that no paperwork or important forms are lost in the shuffle. Additionally, filling your taxes early also helps prevent the untimely identity theft where savvy criminals use your name to steal your refund.

When can you file taxes

You can file your taxes really anytime after January 1 as long as you have all the relevant information and documents needed to file your taxes. However, keep in mind that your employer has up until January 31 to send out W-2’s for that year along with any 1099 forms. Even if you did receive all your documents early, there is no guarantee that the IRS will immediately process your return if you file as soon as possible. On the flip side, technically you have up until 11:59:59 p.m. on the day that taxes are due for that year. Again, the date itself can vary from April 15 to April 18 and that’s only if your planning to file this online. However, waiting till the last day can cost you dearly as mistakes are more prone to happen.

Wont be able to file your taxes on time? File for an extension 

Whatever the reason may be, if you find yourself unable to complete your taxes by the set IRS date, then you’ll need to file an extension with the IRS first to avoid any late-filing or late payment penalties. Once you’ve filled for an extension you will have up until October 15 (six months later) to submit your final tax documents. Keep in mind that filling an extension simply pushes back the due date for the filling of your tax documents. It does not provide any additional time for any taxes that you’ve previously owed.

How long should you keep tax records

The IRS has said to keep your records for three years as this gives then a general look-back period. This is also the time you can file for an amended return. Before you go throwing things away, the IRS has an exception to this three-year rule. The IRS can go back as far as six years when more than 25% of income was omitted from your tax return. The second exception is that there is no statute of limitation when the IRS proves you filed a fraudulent return. So, how long should you hold your tax records? Our recommendation is to hold onto your tax records for at least seven years. If an audit were to ever happen, you will be glad that you put up with the inconvenience of keeping those old tax returns.

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