April: 2018



The tax filing deadline for individuals, partnerships and S corporations is April 17 this year.Use Form 4868 for individuals and Form 7004 for partnerships and S corporations. Extensions can be filed electronically or can be mailed in. When mailing it’s a good idea to use certified mail. Even if you don’t have the money that you wanted to include with your extension, file an extension anyway. The biggest late penalty is for filing late Its 5% a month of the amount of tax due, with a maximum of 25%.


There is no late filing penalty if you are getting a refund. This is because the amount you owe is zero and anything multiplied times zero is zero. IF you are not sure that you will be getting a refund, it’s a good idea to file an extension. However, if you procrastinate too long and wait more than 3 years, the IRS is not required to give you your refund, and it would take a medical hardship to get it, which is very difficult to get.


The deadline for depositing money into an IRA is April 17 this year.


IF you changed your name due to marriage or divorce, you will need to report the change to the Social Security Administration. Their number is 800-772-1213. The names on the returns must be the same as Social Security records.


People who can prove that they had a hardship which prevented them from getting health insurance may be able to get an exemption from the penalty for not having health insurance.


Tax year 2018 is the final tear of the penalty for not having health insurance.


If you get an email from the IRS about a refund, delete it to avoid having your personal information stolen from your computer.

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