The April 15th, 2014 is Tax Day and it is almost here.
For most Americans the holiday season and tax season are the two seasons we look most forward to.
Ok, I am joking maybe not the holiday season.
Ok, I am joking again. 
Most Americans look forward to Tax Day and the tax season about as much as a trip to the emergency room!
April 15th Tax Day and Tax Deadline
So have YOU filed yet? Hopefully you have filed already but according to an April 1 study by Rasmussen Reports
Only 61% of taxpayers had filed two weeks before the deadline. Another 25% said they would file by April 15, and another 7% planned to ask for an extension.”
So why do so many people wait until the last minute to file their taxes?
There are two main reasons people wait until the last minute to file taxes: either they owe the government money and they are afraid or they just procrastinate.
Some people owe money
Who wants to really do something like taxes, especially if you have to pay!
Mostly procrastination, I’m sure…
Some people enjoy the adrenalin rush that comes with finishing a project at the last possible minute!
I personally don’t understand why anyone would wait until tax day or very last minute unless they had a life changing event happen…won the lottery, death in the family, etc.
Unfortunately, some Americans will wait until the very last minute on tax day to take their taxes to the U.S. Postal Service.
FACT: Tax day is one of the busiest times of the year for the U.S. Post office.
According to surveys, tax procrastinators have been known to overpay by hundreds due to mistakes that came as a result of rushing the process and making last minute changes, and they fork over roughly double the amount that early filers pay just to get their taxes done.
According to the IRS,
70% of taxpayers filed their returns electronically – that means the other 30% are still mailing theirs, and joining the crowds at the mail office to do so.”
Of the Americans who do plan on spending their tax refund on non-debt issues, most are opting for a vacation, clothing or accessories, or a gadget such as an iPad or smartphone.
Are YOU wasting your tax refund like this?
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I missed the tax day deadline, what do I do?
If you really can’t get your tax documents in order before the tax day, ask for more time. You can get an extension of time to file your return. In some circumstances, you also can get an extension of time to file and pay any tax due.
However, if you pay the tax due after tax day, interest will be charged from the regular due date until the date the tax is paid.
Tax day 2-month extension rule: You are allowed an automatic 2-month extension to file your return and pay federal income tax if you are a U.S. citizen or resident alien, and on the regular due date of your return:
- You are living outside the United States and Puerto Rico and your main place of business or post of duty is outside the United States and Puerto Rico, or
- You are in military or naval service on duty outside the United States and Puerto Rico
Tax day 6-month extension rule. Everyone gets a six-month extension with no questions asked. Well, almost no questions: they’ll ask one. Do you think you owe money?
If you do, you’re required to estimate the amount. You’re expected to pay what you owe on Tax Day, even if you’re not sure that’s the right number.
The benefit here is that if you owe money, this pushes back the collection process — the levy notices, the potential garnishment, the liens on property — for six months. If you’re wrong and you don’t owe money, the IRS will give it back. If you owe more, you’ll pay a late-payment penalty. But the benefit here is that if you owe money, this pushes back the collection process — the levy notices, the potential garnishment, the liens on property — for six months.
If you owe money and don’t pay, the IRS will charge interest, which is about 3.22 percent right now, compounded daily.
You’ll generally have to pay a late payment penalty of one-half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25 percent maximum penalty is reached.”
Repeat after me,
I pledge to file my taxes BEFORE Tax Day next year!
I hope this tax day information opened your eyes and you will get out and file your taxes if you haven’t already. Next year don’t wait until the last minute.
BEFORE YOU GO
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To Your Success
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