How to Apply for Tax Extension – and Other 2019 Tax Days, Answered
April 15 may be the most popular day of the year for many Americans. Taxes are due and, especially with the drastic changes in the tax code, many people are not ready.
If you are among the crowd, it is possible to get extensions, but it is important to follow the right steps. And if you expect a refund this year, you might want to know when your check will arrive.
Looking for some quick information about what’s next for your 2018 tax filing? We got a few answers.
How do I apply for an extension of income tax in 2019?
If you need a little time to complete last year’s financial affairs, you need to apply for an extension.
For individuals, the fastest way to do this is with Free File services. This service, which offers free tax preparation assistance for people who earn under $ 60,000 per year also offers free extension applications for anyone, regardless of income.
For an automatic six-month extension, use Form IRS 4868, which will require you to estimate your tax liability, based on the data available to you. (You don’t need to make an immediate payment, but you will owe interest to your tax bill.)
Special rules can apply if you are serving in a combat zone or dangerous duty area that is eligible or living outside the United States.
Don’t wait until the last minute. Last year, online services became offline, in part, due to a flood of traffic.
When will I get a refund from the IRS?
The IRS said 77,925,000 people were eligible for a refund on April 5. It was down 1.5% from 2018 and the average return fell 1.1%, coming in at $ 2,833.
About 90% of refunds are issued within three weeks of the day the return is submitted. If you are wondering where you are (and don’t want to disturb your tax officer), IRS has a Website to help you track its progress.
Where is my refund? The tool allows users to check the status of their tax returns, update information every day. You must provide your Social Security number and the exact amount of refund that you expect. This tool is also available on the IRS2Go application.
What general tax errors should I pay attention to?
Simple mistakes can disrupt your tax filing, delay your refund or send a red flag to the IRS. Here are nine of the most common mistakes, according to tax officials.
– The Social Security Number is missing or inaccurate
– Misspelled name
– Archiving error status
– Mathematical error
– Mistakes in calculating credit or tax deductions
– Incorrect bank account number
– The form is not signed
– Electronic PIN archiving is wrong
– Archive the expired Personal Taxpayer Identification Number (ITIN)
What is my chance to be audited by the IRS?
Worried about auditing? Assuming you don’t lie to your taxes, you might be able to breathe a sigh of relief.
The opportunity for the IRS tax audit in 2018 is the lowest in 15 years, because the branch has lost nearly a third of its enforcement staff since 2010. And with the government closing earlier this year, it will likely remain stable.
However, a study earlier this month showed that the IRS had the highest audit rates in countries with a larger minority population.
Okay, I already submitted. Is there a tax free day that I can enjoy?
Uncle Sam may want your money, but there are many businesses that provide goods for free or at discounted prices on Tax Day. Here are some places to visit after you submit an extension or drop a return by post:
Great American Cookies: Get one free Original Chocolate Chip Cookies at the participating locations to stop on Monday.
Kona Ice: Tax Day is the National “Chill Out Day”, which means customers get a cup of free tropical shaved ice.
Office Depot / OfficeMax: Stick to receipts and documents for this year (and past partners, only to be safe, but you can tear up to five pounds of documents shredded for free in a chain with coupons.
BJ’s Restaurant & Brewhouse: Get a half-cooked dish of Lare or Tavern-Cut Pizzas Monday for dinner, take-out or delivery.
Cicis Pizza: An adult buffet is $ 4.15 Tax Day with large quantities of drinks. (You will need this coupon.)
Orbitz: Online travel sites match all taxes and fees paid for today’s bookings.