Tax Alerts and Tips
Recent Tax Changes and News:
- Extensions -- As you know, when you get an extension for your tax return, it gives you additional time to file the return but not additional time to pay any tax that is due. If you have an extension but pay a balance due after April 15th, you may be assessed penalties and interest. Currently, the late filing penalty is only .5% per month, so if you owe $500 and pay it by the end of April your penalty would be $2.50 which is highly unlikely to generate a penalty letter from the IRS. So, the sooner you pay the better your chances to possibly avoid a penalty. Here is some more info about IRS penalties and interest.
- Direct Pay -- The IRS has launched a new way for taxpayers to pay their tax liability online. The IRS Direct Pay website allows taxpayers to pay their Form 1040 tax bill or make estimated tax payments directly from their checking or savings account at no cost. The taxpayer receives instant confirmation that a tax payment has been submitted. Bank account information is not retained in the IRS systems after payments are made. Read More...
- How to Pay Federal Taxes by Credit Card.
- Ohio Sales Tax Reporting Requirements -- The Ohio Department of Taxation is reminding all taxpayers that monthly sales and use tax returns are due the 23rd of each month for the previous monthly filing period, unless the due date of the 23rd falls on a weekend or holiday, the return is due the next business day. This return must be filed electronically using the Ohio Business Gateway or TeleFile. For more information on electronic filing, see the sales tax electronic filing page on the departments website.
General and Commentary:
- Want to tell Congress how you really feel about taxes? To get the contact info for your senators and representatives click here and then click your state on the map.