Tax deadline: Things to know about filing taxes

Marco Green
April 16, 2018

Good news, you don't have to file by April 15 to be on time.

- Two North Carolina tax preparers are headed to prison after admitting they filled out hundreds of fake tax returns involving more than half a million dollars. If a person consistently gets tax refunds every year, they can adjust their federal income tax withholding by updating their Form W-4 with their employer. This year our chances of being audited by the Internal Revenue Service are significantly lower (the IRS' own statistics tell us this). They'll need to wait because they don't have the information necessary to compute their tax obligation.

Tax experts say you should not avoid filing your taxes is because you don't have the money to pay.

Analysts estimate that the crash in cryptocurrency prices in Q1 of Y 2018 may have been due to a larger sell-off by digital currency investors interested in holding fiat currency heading into tax season.

If you're getting a refund, the IRS would like you to file on time.

One scam is a robotic voice that uses incorrect English, which calls threatening consumers, telling them that they have a debt with the IRS and will be taken under custody by local authorities.

The tax deadline is usually April 15th, but this year, that's a Sunday.

"They need to file a tax return or extension by April the 17 because failure to file penalties accrue a lot faster and they're more substantial than just a failure to pay penalty; and so even if you can't pay what you owe you need to file the tax return itself", she said.

However, if you can't find a way to pay - file anyway.

Other reports by Click Lancashire

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