article Tax day is coming; but what if you can't file — or pay — your taxes on time? Continue Reading Below The IRS said Friday that even with days to go until the deadline, about 50 million taxpayers have yet to file their tax returns. If you are among them, don't despair — there are options. DON'T DELAY If you don't think you will be able to complete and file your taxes on time, request an extension. Filing an extension helps taxpayers avoid penalties for a late return, according to the IRS. You can seek an extension through the IRS website, your tax preparation professional or most tax preparation software companies. While an extension provides more time to file, it does not provide more time to pay any taxes owed. Advertisement The deadline to file individual tax returns and pay taxes owed is April 15 for most taxpayers. Because of area holidays, taxpayers who live in Maine or Massachusetts have until April 17. SPECIAL CASES Anyone can request an automatic … [Read more...] about Can’t file (or pay) taxes on time?
Can you pay taxes online
When you owe money to the Internal Revenue Service (IRS), you have a few options for making your tax payment. You can use IRS Direct Pay to have your payment withdrawn from your bank account for free; you can send in a check to the IRS; or you could pay with a debit card or a credit card. If you pay with a debit card or credit card, you'll need to use one of three approved payment processing services and pay either a flat fee (using a debit card) or a percentage of the transaction amount (using a credit card). I'd always sent in a check to the IRS in prior years, but for my 2018 tax payment I decided to pay via credit card. If you're considering also paying with a card, here's how the process works. Continue Reading Below Paying your taxes with a credit card To start the process of paying taxes with a credit card, choose from one of three payment processors: PayUSAtax.com, which has a fee of 1.96% and a minimum fee of $2.55 Pay1040.com, which charges a 1.87% fee with a minimum of … [Read more...] about Here’s What Happens When You Pay Your Taxes With a Credit Card
Martin Lewis is the founder of the website MoneySavinExpert.com. Now, he spends much of his time helping members of the public make the most out of their hard-earned cash. Today, he warned employees that they may be overpaying on income tax. It comes after the new tax year began on April 6 last weekend. Related articles Martin Lewis: Money Saving Expert on simple switch to get free £175 Martin Lewis: easyJet launch cheap flights TODAY Speaking to ITV viewers today, Martin reminded viewers that this new tax year would mean that everyone would get a new tax code. He went on to explain that this affects take-home pay, adding that if it's wrong, there could be "nasty surprises". However, it’s not the responsibility of an employer to ensure that the code is correct, but instead, it’s yours. Luckily, Martin was on hand to guide viewers through the process. “The basic code is 1250L – which when you add an extra zero on the end shows the amount you can earn … [Read more...] about Martin Lewis: Are you paying too much tax? Expert issues BIG warning after recent changes
Death and taxes ... you know what the deal is. You can't avoid either of them. If you have a big tax bill that you can't pay, life can seem pretty bleak. While the number of tax liens annually filed by the IRS against taxpayers has fallen by more than 50 percent since 2010, there were more than 14 million open tax-debt cases against individuals and businesses heading into 2018, according to the IRS data book. Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes. If you're in that boat, however, it is not the end of the world. There are steps you can take to reduce the impact of unpaid taxes on your life, credit and financial well-being. Here are five tips to lessen that burden. Tip 1: Don't ignore the problem. The IRS will not. Even if you can't pay what you owe, file your return on time or, if that's not possible, file for an extension. The late filing penalty is 5 percent of the tax owed … [Read more...] about If you have tax debt, take these 5 tips to set things right with the IRS
Jackie, 29, is a New York–based writer with $10,000 and change in consumer debt, spread between two credit cards. Like many of her friends, she got her first credit card in college. During her 20s, she opened three more cards for various purchases — a laptop, post-grad classes — as she worked her way up the editorial ladder. (She has now paid off two of the four cards entirely, although they’re still open.) She recently got a great new job and is now able to cover her living expenses, but her debt seems insurmountable, particularly with the interest rates she’s up against — one card has an APR of 16.9 percent with a $6,500 balance, and the other’s is 19.49 percent and $3,000. The good news is that she’s always paid the monthly minimums (about $115 and $60 per card, respectively), has an excellent credit score, and is ready to tackle her payments more aggressively. Still, the most she can manage is about $400 per month, on top of the $129 … [Read more...] about How Can I Pay Off My Credit-Card Debt?