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Here are some questions that you should be asking yourself about your IRS taxes: How do you make corrections to your tax filing? How do you pay your taxes if you cannot pay the full amount?
The tax deadline for most individual filers in this country is April 15th. This date however changes depending on your employment status and whether or not you are self-employed or own a business.
Knowing your tax filing status and staying current on your information is your responsibility as a taxpayer. When mistakes are uncovered or if you determine that an underreporting has occurred, it is better to be proactive in solving the issue rather than wait for the IRS to come to you.
How Do I File an Amended Tax Return?
Often you may find that a mistake was made in the calculation of your tax liability. This mistake could have been a simple mathematical error or an incorrect rule was applied to your situation. Regardless of the mistake, it is your responsibility to have it corrected.
The IRS permits you to file an amendment to a prior return with Form 1040X, Amended U.S. Individual Income Tax Return. This form allows you to enter the correction and complete the filing.
Advantages
Disadvantages
How Do I Pay if I Cannot Pay the Full Amount?
Taxes that are due are payable by April 15th. If you are unable as a taxpayer to pay the full amount the IRS suggests that you file for an extension of time. This may give you an additional window of 60 to 120 days in which to pay the taxes that are due.
To request an extension you file Form 4868, Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return. You may also consider an installment agreement (Form 9465) or pay your taxes via a credit card.
Advantages
Disadvantages
The IRS provides a lot of useful and helpful information on its website and throughout the internet to assist you with your tax preparation questions and concerns. Often times taxpayers are afraid to approach the IRS for fear of being audited and having to explain deductions and credits that were taken.
The role of the IRS is to collect revenues for the United States. They are supported by taxpayer dollars and are doing a better job in terms of public relations and outreach to assure taxpayers that they work for them. If you have specific questions about a particular tax situation, call a local IRS office or visit them online for assistance.
The tax deadline for most individual filers in this country is April 15th. This date however changes depending on your employment status and whether or not you are self-employed or own a business.
Knowing your tax filing status and staying current on your information is your responsibility as a taxpayer. When mistakes are uncovered or if you determine that an underreporting has occurred, it is better to be proactive in solving the issue rather than wait for the IRS to come to you.
How Do I File an Amended Tax Return?
Often you may find that a mistake was made in the calculation of your tax liability. This mistake could have been a simple mathematical error or an incorrect rule was applied to your situation. Regardless of the mistake, it is your responsibility to have it corrected.
The IRS permits you to file an amendment to a prior return with Form 1040X, Amended U.S. Individual Income Tax Return. This form allows you to enter the correction and complete the filing.
Advantages
- Allows you to correct a mistake on a prior return.
- It helps you stay current on your tax return filings.
Disadvantages
- May trigger additional questions regarding the tax filing.
- May result in a tax penalty being levied against you.
How Do I Pay if I Cannot Pay the Full Amount?
Taxes that are due are payable by April 15th. If you are unable as a taxpayer to pay the full amount the IRS suggests that you file for an extension of time. This may give you an additional window of 60 to 120 days in which to pay the taxes that are due.
To request an extension you file Form 4868, Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return. You may also consider an installment agreement (Form 9465) or pay your taxes via a credit card.
Advantages
- Requesting an extension or paying in installments allows you more time or the ability to spread out past due taxes.
- Paying with a credit card allows you to become current with your tax obligation.
Disadvantages
- You may still be subject to a tax penalty or interest charges for the late amount when requesting an extension or paying on installment.
- The interest charges on your credit card will make you overall tax liability higher.
The IRS provides a lot of useful and helpful information on its website and throughout the internet to assist you with your tax preparation questions and concerns. Often times taxpayers are afraid to approach the IRS for fear of being audited and having to explain deductions and credits that were taken.
The role of the IRS is to collect revenues for the United States. They are supported by taxpayer dollars and are doing a better job in terms of public relations and outreach to assure taxpayers that they work for them. If you have specific questions about a particular tax situation, call a local IRS office or visit them online for assistance.
