Published: Sun, April 15, 2018
Culture&Arts | By Hattie Nash

Nine things to know about income taxes before Tuesday's filing deadline

Nine things to know about income taxes before Tuesday's filing deadline

IRS And U.S. Treasury impersonation scams can be reported to the U.S. Treasury Inspector General for Tax Administration at www.treasury.gov/tigta or 1-800-366-4484.

Digital-coin enthusiasts and tax professionals are "freaking out" before next week's filing deadline, said David Siegel, co-founder of a company that's building a digital wallet for crypto investors.

Taxpayers can report abusive tax preparers to the IRS.

Even though it seems as though data breaches from Experian, Facebook, Whole Foods, Sonic, Panera, etc., etc. are announced every day; 17 major breaches in January, 2018 alone, the IRS and MI have gotten better at keeping thieves from filing fake tax returns using that information.

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Congress took a step toward increasing IRS funding in a spending package passed this March, but members of both parties at a House committee hearing Wednesday praised the additional suite of bipartisan proposals, which would also give tax filers a stronger path to appeal audit decisions and create new guardrails to ensure that their private information does not get lost.

"Paying someone to do them for you can be a good way to relieve some headache, and according to the survey, a third of Millennials already know this", Meg Sutton, director with H&R Block, said in a statement.

The IRS estimates that about 70 percent of taxpayers can file their tax return at no charge by using the IRS' Free File software. For this filing season, many investors who have been trading for years will "come out of the woodwork" and disclose crypto on their returns for the first time, according to Jeffrey Kahn, a tax lawyer in Irvine who works with digital-currency holders.

The affidavit of the IRS petition revealed some telling figures on crypto tax disclosures.

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Timothy Bauer, assistant professor in accountancy, said in an email showing zero tips while having a W-2 from a restaurant or a bar can be a red flag to the IRS that someone might be misreporting. Along those lines, there is no penalty for filing a late return if you're entitled to a refund. Attach all required forms and don't forget to sign and date the returns before mailing them in. The program is open to individuals and families with incomes of $66,000 or less.

"NTEU encourages Congress to recognize the need for higher, stable funding levels for the IRS to undo the damage from years of budget cuts", he said, saying the IRS has reduced the number of its full-time employees by about 22,000 since 2010. "Another thing to do not forget to do is state and local taxes".

So we verified when it comes to filing your taxes, online is the more secure route to go. The failure to file a timely return and the failure to pay will amount to $50, $1,000 times 5%. "A failure to file penalty is 10 times larger than a failure to pay penalty".

"If there's any kind of a tax issue, they always will send you something in the mail", Welch said.

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