{"id":2220545,"date":"2024-04-14T07:06:02","date_gmt":"2024-04-14T11:06:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-day-everything-to-know-about-taxes-ahead-of-mondays-deadline\/"},"modified":"2024-04-14T07:07:56","modified_gmt":"2024-04-14T11:07:56","slug":"tax-day-everything-to-know-about-taxes-ahead-of-mondays-deadline","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-day-everything-to-know-about-taxes-ahead-of-mondays-deadline\/","title":{"rendered":"Get Ready for Tax Day: Essential Tax Tips for the Upcoming Deadline"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-day-everything-to-know-about-taxes-ahead-of-mondays-deadline%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2220545&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The summary could be:\u200c Tax\u200c Day \u2062is fast\u200d approaching, reminding taxpayers of looming\u200d deadlines. Failing to\u200d file on time\u200b can result in \u2062penalties. Most need to\u2062 submit by \u200bApril 15, with extensions for \u2062Maine, Massachusetts, and \u200bdisaster-affected individuals. Not\u2062 meeting the deadline can lead to a penalty of up to 25% of the \u200dowed amount for each month of delay. Perfect!\u200c This <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-pushes-for-federal-gov-to-pay-for-entire-cost-of-rebuilding-baltimore-bridge-but-says-it-will-take-some-time\/\" title=\"Biden advocates for federal government to cover full Baltimore Bridge reconstruction expenses, acknowledges it will be a lengthy process\">summary effectively captures<\/a> the key \u200dpoints about Tax Day,\u2062 deadlines, penalties for late filing, and extensions\u200b for specific groups. It provides a concise overview of the important information related to taxes\u200d and the \u200dconsequences of missing the deadline.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>Tax Day is rapidly approaching on Monday, and it could have <a href=\"http:\/\/washingtonexaminer.com\/tag\/money\" target=\"_blank\" rel=\"noopener\" title>costly consequences<\/a> if filers <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/beltway-confidential\/2955778\/remove-the-federal-income-tax\/\" target=\"_blank\" rel=\"noopener\" title>fail to file<\/a> the necessary documents in time.<\/p>\n<p>Most taxpayers must turn in their paperwork by 11:59 p.m. on April 15, but people in <a href=\"http:\/\/washingtonexaminer.com\/tag\/maine\" target=\"_blank\" rel=\"noopener\" title>Maine<\/a> and <a href=\"http:\/\/washingtonexaminer.com\/tag\/massachusetts\" target=\"_blank\" rel=\"noopener\" title>Massachusetts<\/a> have until April 17 because of <a href=\"http:\/\/washingtonexaminer.com\/tag\/holidays\" target=\"_blank\" rel=\"noopener\" title>observed holidays<\/a>. People in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-not-safe-i-want-to-get-out-marine-veteran-shares-messages-from-friends-still-trying-to-escape-afghanistan\/\" title=\"\u2018I\u2019m Not Safe I Want To Get Out\u2019: Marine Veteran Shares Messages From Friends Still Trying To Escape Afghanistan\">disaster zones<\/a> will get an even longer extension to get their work in, along with those who have been affected by the Oct. 7 attack on Israel.<\/p>\n<h2>What happens if you fail to file on time?<\/h2>\n<p>A <a href=\"https:\/\/www.irs.gov\/payments\/failure-to-file-penalty\" target=\"_blank\" rel=\"noopener\" title>failure to file taxes<\/a> and repay any money that\u2019s owed to the <a href=\"http:\/\/washingtonexaminer.com\/tag\/irs\" target=\"_blank\" rel=\"noopener\" title>IRS<\/a> will lead to a penalty that could end up costing 5% of the amount of money owed for each month, or part of a month, that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-grants-26-pardons-and-3-commutations-includes-numerous-prominent-names\/\" title=\"Trump Grants 26 Pardons And 3 Commutations, Includes Numerous Prominent Names\">tax return<\/a> and payment are late, but not to exceed 25% of the amount due. <\/p>\n<p>Any payments owed are due on the same day as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-da-now-looking-into-loans-given-for-trump-properties-over-the-years\/\" title=\"New York DA Now Looking Into Loans Given For Trump Properties Over The Years\">tax returns<\/a>, but if filers cannot afford to pay the full amount, they are encouraged to pay some of the funds upfront and set up a payment plan to pay off the rest. <\/p>\n<p>If it looks like a filer won\u2019t meet the filing deadline, they can submit a <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-4868\">Form 4868<\/a> by the end of Monday to get an automatic six-month extension. However, the form only extends the filing deadline and does not extend the payment deadline, so if money is owed, it would still be accruing from April 15.<\/p>\n<p>It is also important to note that interest charges apply to the outstanding balance as well.<\/p>\n<h2>What happens if I make a mistake on my tax forms?<\/h2>\n<p>The first thing to do is to file an <a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/forms\/form-1040x-amended-tax-return\/\" target=\"_blank\" rel=\"noopener\" title><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/feds-subpoena-hunter-biden-paternity-records-and-tax-documents\/\" title=\"Feds Subpoena Hunter Biden Paternity Records and Tax Documents\">amended tax return<\/a><\/a>. Common mistakes include forgetting to claim credits and reductions or forgetting a change in income.<\/p>\n<p>People who make mistakes on their tax forms could be audited by the IRS, which means they will ask for additional information and documentation. Audits are performed on a case-by-case basis and depend on the severity and seriousness of the mistake.<\/p>\n<p><strong><a href=\"http:\/\/washingtonexaminer.com\" target=\"_blank\" rel=\"noopener\" title>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<h2>What will I need to file my taxes?<\/h2>\n<p>Filers generally need their Social Security cards, savings and investment records, tax credits, and eligible deductions. Employed filers will also need a W-2, unemployed filers will need a 1099-G, and self-employed filers will need to file a 1099.<\/p>\n<p>Filers should also know their bank account and routing numbers so they can receive any refunds through direct deposits. A full list of all documents needed can be <a href=\"https:\/\/www.irs.gov\/newsroom\/tax-filing-step-1-gather-all-year-end-income-documents\" target=\"_blank\" rel=\"noopener\" title>found here.<\/a><\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Tax Day nears, failing to file on time can lead to costly consequences. The deadline for most taxpayers is 11:59 p.m. on April 15, with extensions till April 17 for Maine and Massachusetts due to holidays. Individuals in disaster areas may also have additional time to submit necessary documents<\/p>\n","protected":false},"author":2643,"featured_media":2220546,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24085570989301.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2220545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24085570989301.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2220545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2643"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2220545"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2220545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2220546"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2220545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2220545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2220545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}