Are you a tax procrastinator?
For many, tax time is an inconvenience and quite frankly, a nuisance. Day to day life can be hectic. When you walk into your kitchen there is probably a corner stacked with bills, right? You know the one. Somewhere in there is some information about a very important day coming up.
April 17th, 2018
It is here once again and if you’ve been procrastinating up to this point, this is your ‘last call’ so, round up those documents and find a trusted resource to file for you. Haven’t even thought of it yet? No worries, you’ve got about one week left!
Here’s what you need in order to file:
1. Personal Info-social for yourself, spouse, and dependents
2. W2’s for 2017
3. Childcare expenses
4. Charitable contributions
5. Medical expenses
1. Self employment info
2. Retirement info
3. Rental income
4. State and local taxes or sales tax
5. Educational expenses
6. Job expenses
What happens if I don’t file my taxes? Well, I am glad you asked!
The serious consequences that can happen are as follows:
- The IRS will penalize you (seizing money from your bank)
- Late filing penalties
- Put a lien on your property
- Garnish wages
- Take more money as well as wages
Not to mention the unnecessary stress all this can cause you or your family. For some, filing could mean a tax refund! For others, having to pay may be what is keeping them from filing. Should you be worried about the ability to pay the money or not, the IRS still wants you to file. In an effort to help with this, they conveniently have an option for a payment installment plan.
A note from the author:The opinions you read here come from our editorial team. Our content is accurate to the best of our knowledge when we initially post it.
Article by Breana Washington