June 14, 2020
Top Tips So You Won’t Miss the Tax Deadline – Nobody Loves Penalties. File Your Taxes on Time!
If you’ve experienced missing a tax deadline, then you probably know just how expensive it can be. The penalties for late-filing can cost you a pretty penny. You wouldn’t want to be shelling out hundreds or even thousands of dollars just because you were lazy to file on time. Procrastination does have its consequences and the IRS would just love to slap penalties on your tax bill for failure to file and pay.
For 2019’s deadline on filing and paying, the U.S. Treasury Department and the IRS have decided to extend it by three months. From the previous deadline of April 15, the tax deadline has been moved to July 15. This is due to the coronavirus pandemic that’s sweeping across the globe, affecting numerous countries and effectively halting numerous business operations. Understandably, taxpayers will have trouble getting their papers and payment in order because of the pandemic. Hence, the authorities declared a tax extension deadline.
However, the extended deadline should not serve as an excuse for you to be lazy. Take this as an extra bit of space to file your taxes on time.
How to Make Sure You Don’t Miss the Deadline
The three-month extension given by the IRS is a welcome breather for many taxpayers. It means more time to get everything in order and lesser chances of missing the deadline. Don’t wait until two or three days away from July 15 before you decide to act. That will only make things more stressful for you.
Check out these top tips so that you won’t miss the tax deadline this July 15th.
- The earlier, the better.
With the extended deadline, you have a longer time to prepare your tax papers. Keep your books in order and up to date. You don’t have to do it all in one sitting. You can spread it out over a few days or even weeks. The great thing about getting things done early is that you don’t have to stress about how much time you have left. You can break things down into small tasks, which will make the entire task easier.
- Can’t pay yet? File anyway.
One of the main reasons why some people delay filing their tax returns is because they’re scared they won’t be able to pay the tax due. You’ll face penalties if you aren’t able to file and pay on time. What you should do is to file your taxes on or before the deadline and then set up an agreement with the IRS on paying the amount on an instalment basis. This way, you’ll be able to avoid incurring penalties while buying yourself extra time to pay off your entire tax bill.
- You can always request an extension.
If for some reason you still can’t file your taxes despite the extended deadline, you can request an extension. Make sure you make the extension request by the regular due date or before that, so you won’t be penalized for late filing. One thing to remember is that you can’t make an extension request for tax payment. Pay your estimated tax due by the July 15 deadline if you want to avoid being slapped with additional interest to pay.
No Reprieve for Our Suffering Veterans
Taxpayers have been given a tax-filing reprieve because of the coronavirus pandemic that’s affecting virtually everybody on the planet. Unfortunately, there is no reprieve from misery for less fortunate Americans. They include the many suffering veterans all over the country. The contagion has made things even more worrisome for them.
Even before the outbreak, these veterans were already getting battered by poverty, homelessness, disabilities, lack of jobs, and illnesses including mental health disorders.
If you have a soft spot for our nation’s heroes, the best and easiest way to help them is by donating your old and unwanted car to us at Veteran Car Donations.
We’ll give your clunker a new and meaningful purpose by auctioning it off. The proceeds will go directly to our veteran-focused non-profit partners. These IRS-certified 501(c)(3) non-profit organizations use the funding that we provide them to deliver financial assistance, free medical treatment, employment opportunities, family support, and other essential services to their veteran beneficiaries and their families.
You can donate not just your old car but nearly any other type of vehicle that you no longer need.
Our Vets Urgently Need Your Help!
Become one of our vehicle donors at Veteran Car Donations and let’s transform the lives of our nation’s hurting heroes. Call us at 877-594-5822 or fill out our online donation form now!