With the Government shut down for an unprecedented duration, it is no surprise that everyone is feeling anxious about filing their tax returns and claiming refunds. It has indeed been a nerve-wracking situation for a lot of people.
However, we come bearing good news!
The IRS recently confirmed that it will start accepting and processing tax filings from January 28th, 2019 (Monday). They also have confirmed the release of tax funds as scheduled. However, the dates for e-filing are yet to be released. Nevertheless, you can always process your documents safely using our wonderfully efficient services. A lot of people depend on tax refunds to process a number of important payments including paying debts or build their savings. And with the unrest caused due to the government shutdown, this comes as a much-awaited relief. Now, you can start brushing up your tax planning strategies and reassembling your tax documents. This is also the time to give your expenses a hard look to figure out all the possible tax refunds you are eligible for.
Tax filing can prove to be an exhaustive and confusing process. However, you need to be extremely careful with your documents and also need to be fully aware of the tax refunds you are eligible for. Also, something you need to keep in mind while tax planning and filing of documents –
You should file a return even if you can’t pay up
Penalties apply for both – a failure of filing your papers as well as paying your taxes. Thus, it is advisable to file your papers on time to avoid being penalized for the same. Remember – the penalty for filing your papers late is usually higher than the one you will have to pay for failing to pay your tax on time, so even if you’re broke, file your return and save yourself from at least one penalty.
Besides, even if you are unable to pay your taxes right away, there are a lot of options to help you pay taxes at a later date, including credit card plans and also payment plans with IRS.
Thus, it is advisable to file your return at the earliest. Not only will you save on the penalty you would otherwise have to pay, but also have adequate time to get your financials in line.
So, it’s time to get your documents in place and eventually pay the piper!
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