MKG TAX’S LAST MINUTE TAX GUIDE

Tax returns for 2016 are due on or before midnight April 18, 2017.

 

This is a just friendly reminder that time is running out to file your 2016 tax return.  MKG TAX CONSULTANTS still has appointment times available.  We are also taking drop offs daily.  You can visit us at mkgtax.com for additional information on how to submit your 2016 tax documents to us or you can fax them to 609-277-8181.

The IRS has developed a series of tips to help you navigate common tax issues as the
April 18, 2017 deadline approaches for individual taxpayers.

Tax Time Guide: Get an Automatic Six More Months to file; Free File Now Available for Extensions — The IRS reminded taxpayers today that if they are unable to file their tax returns by this year’s April 18 deadline there is an easy, online option to get more time to complete their return.

The advice for those who cannot complete their tax return by April 18: Do not panic.  Taxpayers who need more time to complete their return can request an automatic six-month extension.  An extension allows extra time to gather, prepare and file paperwork with the IRS; however, it does NOT extend the time to pay any tax due.  MKG Tax Consultants can file your 2016 extension for you.  There is a nominal $50 charge for filing extensions (this charge will be applied to your tax prep fees once we file your actual 2016 tax return).

Taxpayers should pay as much as they can by the due date to reduce the overall amount subject to penalty and interest charges.  The interest rate is currently four percent per year, compounded daily.  The late-filing penalty is generally five percent per month and the late-payment penalty is normally 0.5 percent per month.  MKG Tax Consultants can file an installment agreement with the IRS for those taxpayers who cannot pay the full amount of tax they owe.

Tax Time Guide: Still Time to Contribute to an IRA for 2016 — The IRS today reminded taxpayers that they still have until April 18, 2017, to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit.

***Consumer Alerts on Tax Scams***

‪Note that the IRS will NEVER:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

crunchtime

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