Approximately 30 percent of taxpayers find it impossible to get organized and file their tax documents before the deadline in April each year. While you may find yourself in this situation, there is no need to panic. Here you can learn your options and find out more about tax filing in Edison.
If You Are Due a Refund
If you are set to receive a refund on your tax refund, or there is no tax liability, you may not be fined for filing your taxes late. If you are due a refund, then you need to file as soon as you can. Keep in mind, there is a time limit for you to file and receive your tax refund from the federal government. If you don’t file within a period of three years of the due date for the tax return, then you may not be qualified to receive the funds.
Also, there are some changes in place for those who file late, which may affect how quickly you receive the funds you are owed. You can better understand what these changes are by working with tax filing in Edison professionals.
If You Owe Money
If you are going to owe money on your tax return, then you may be assessed penalties for filing late and late payments, in addition to the tax liability you owe. One way to avoid this possible penalty is by filing an Extension to file, which is form 4868.
Unfortunately, the fees associated with filing late can be high. It may be best to work with a professional to help with your tax filing in Edison to ensure you aren’t late.
More information about filing your taxes can be found by visiting the WorkMyTaxes website.
