Last night, the IRS confirmed that January 28, 2019 will be the start of the tax season.
Although live assistance from the IRS number isn’t available, their staff is determined to keep the tax season going. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” IRS Commissioner Chuck Rettig said.
Now that you have an idea of when you should have your 2018 tax return prepared by, here’s what you need to know.
Will my refund still be delayed?
Continue reading “The IRS has announced the start of the tax season!”
Don’t worry about filing a past state tax return if you belong to one of these as your resident state.
The U.S. states that do not have income taxes are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. However, just because you don’t need to pay income tax, doesn’t mean a state is any cheaper to live in. In order to maintain state revenue, states with no income tax rely on other uses of taxes such as estate, property, sales, excise, gift taxes and more.
For example, here are a few ways each state maintains their state revenue:
- Alaska depends on estate, excise, gift and severance taxes
- Florida depends on property, sales, and corporate income taxes
- Nevada; being a tourist attraction, depends on fees, gambling taxes, and high sales taxes
- South Dakota taxes property, alcoholic beverages and cigarettes
- Texas depends on high use, sales and property taxes
- Washington depends on business, occupation and sales taxes
- Wyoming depends on taxing property and businesses
Unlike the seven states above, New Hampshire and Tennessee do not have personal income taxes but still taxes specific types of income. New Hampshire doesn’t have sales tax, or inheritance tax but it does tax interest and dividends. Tennessee does not have estate and inheritance tax but taxes dividends and interest due to its Hall Tax.
Have you forgotten to file a state return or two?
Continue reading “Am I Still Required to File A Past State Tax Return?”
Don’t wait until the last minute to file your 2017 tax return.
April 18th has passed for the 2018 tax season deadline. However, you can still e-file your tax return until October 15, 2018; the e-file and tax extension deadline. Even if the 2018 tax deadline has passed, those with refunds can still e-file their tax return without any penalties.
On the other hand, individuals with a tax due may end up facing interest, late filing penalties, and failure-to-pay penalties. We advise that you file your tax return as soon as possible so you receive your refund faster.
Can I still file a tax extension?
Continue reading “Can I Still File a Tax Extension for 2018?”