Tax as a lawful practice
Every year, law-abiding U.S citizens home and abroad file the previous year’s taxes (personal or corporate). However, the December 2017 tax law that was passed by the Republicans will have no effects on American taxpayers until 2019. Except you are living abroad (the date for expat tax filing deadlines are different), the deadline in the U.S is April 17 this year – hence taxpayers will have to file as soon as possible. Over the years, the IRS is synonymous with the memorable date of April 15, and all taxpayers are looking forward to mid-month of April to file in their returns.
Also, some law-abiding expats living abroad as U.S citizens might enjoy tax benefits and might not need to pay taxes in the U.S. As a U.S citizen, you will need to make the U.S tax payment when living and working in a foreign nation with lower tax rates than the U.S. More so, when citizens receive an income from the U.S or are not taxed on their foreign investments, the tax return deadline should interest them.
The details every taxpayer should ask is not only; when are taxes due? Rather, to avoid end-of-year penalties, al working U.S citizens at home and those living abroad that usually owe U.S. taxes, are allowed to pay quarterly estimated tax returns to the IRS. The tax season has always been a calendar-year basis. This practice is different from countries like Australia and the U.K; these countries follow a non-calendar tax ear.
Eventfully, the tax filing deadline of 2017 is the same as 2018; this year’s deadline for individual tax returns has two extra days from April 15, 2018. The individual tax return form is also available for taxpayers within a couple of days to the deadline for them to file their taxes with the IRS in 2018. For corporate firms, they do well to hire tax experts for assistance to figure out the exact payments to make and avoid end-of-year penalties.
The job gains in 2018 have been quite favorable to many who would be paying their taxes this year, and self-employed (freelancers) taxpayers are bounded by the April 17 deadline. The first quarter filing of 2018 tax payments is a traditional IRS date, but April 15 falls on a weekend this year. So, it is proper that an extra day comes with this year’s special rule for taxpayers after Emancipation Day celebration in Washington DC.
A duty that comes with the IRS calendar
Every year, there are millions of American taxpayers filing previous year’s income to the IRS. While some grudging engages in tax filing, others see it as an obligation. But what is common to those on both sides of the societal divide is an unwavering stiff penalty for defaulters and refunds for deserving taxpayers. Senior citizens who are in the evening time of their lives, particularly pensioners and veterans, are like other low-income families will have to file tax returns when they wish to qualify for various kinds of income subsidy.
Typically, millions of taxpayers still drag their feet until the last day to do taxes, and they either choose an online method or fill paper documents. The complications that taxpayers experience and the feeling that income taxes should be evaded can have a minimal effect when they know the complete details. To reduce the possibility of documents being lost in the post, or mistakes being made is reduced with the electronic filing system. The IRS often advise corporate or personal income taxpayers to get financial expert advice for their tax computations. You will find necessary details below of this year’s IRS tax calendar.
What to Expect in April 2018
The month of April is filled with deadlines for tax returns, however, with there is an exception for various corporations with fiscal year ends on June 30. The IRS might give this category of taxpayers a deadline extension. But it is safer for corporate taxpayers to seek the professional assistance of a tax consultant and get the most recent data. The provision of deadline extension as the last date to file corporate taxes for 2017 season is temporary.
That’s why it is important to know how the calendar year affects taxpayers. The necessary details for the April 2018 deadline are given below. April 17, 2018, for C corporations that run calendar years, and an extension of a deadline is October 15, 2018. Meanwhile, the deadline for C corporations that runs a fiscal year is usually on the 15th of April. But an extension of a deadline for these C-corps is available because of their fiscal years that end on June 30.
Do not forget to check properly with a tax consultant to get the right information that suits your purpose. More so, individuals that wish to file their tax returns (with an extension form 1041) or ask for an extension of deadline should remit what they owe to the IRS along with the extension form. Other relevant details to file taxes for the 2017 tax year are given below.
April 17, 2018, is the filing deadline date. June 15, 2018, is the filing deadline for U.S expat workers. October 15, 2018, is the filing deadline after an extension has been granted.
Do not be a defaulter, pay the taxes you owe immediately and get an installment agreement from the IRS. As a taxpayer, you can search online for the IRS e-filed returns forms an installment agreement. You will be allowed to pay up all your owed taxes over time when you make arrangements to do so.
Read More: Markets news – get global financial market updates & more
