Thursday, April 6, 2017

Don’t let April Taxes be the Death of You

The month of April brings many wonderful things to us here in the Tri-State region, including warmer weather, Easter egg hunts and spring flowers. However, it also brings the dreaded tax deadline for those who wait until the last minute to take care of this annual ritual. This year, April 15 falls on a weekend, which gives taxpayers a couple extra days to file (April 18). But what happens if you are late in paying your taxes?
  • File as soon as you are able – While missing the deadline is not advisable, if it happens, don’t panic. File your return as soon as you can to help minimize any interest payments or other penalties. If you are late and do not owe taxes, you will not be assessed a penalty.
  • Late taxesUse IRS Free File – This handy option from the IRS allows anyone to electronically file their taxes for free. Incomes under $58,000 can use free online software. Individuals who owe more than $58,000 can use Free File if they are comfortable filing their own tax return. The Free File from the IRS is available at through October 15, 2017.
  • Pay what you are able – If you owe taxes but are unable to cover the entire amount, pay what you can when you file your return. The balance owed should be paid as soon as possible to avoid any penalties or added interest.
  • Make a plan – Sometimes circumstances make it difficult to cover what is owed. If you need additional time to pay, you can file for a payment plan with the government. This can be applied for online at IRS.Gov or can be mailed in using the IRS form 9465 for an installment agreement request.
  • You may still get money back – If you failed to file taxes in the past, you may still have a refund waiting for you. File as soon as possible and apply it to the amount owed on your current tax bill. Remember, if you fail to file taxes for more than three years, you might forfeit the right to claim your refund.
The South Sioux City Chamber of Commerce is here to help area businesses grow while promoting economic development in the Tri-state area. Come celebrate the achievements of area business professions at the Business Awards Luncheon, May 9 at the Camp Goodwill Achievement Center.