Not done with tax filing yet? Here’what you can do…
April 17th is the tax deadline for individual tax filers and C Corporations . If you are still not done with tax filing, there is no need to panic. Here is a quick step by step guide to managing your taxes at this time…
- Estimate your taxes. You are required to pay 100% of last years tax shown on the tax return or 90% of current year estimated taxes.
- Pay by phone or online, automatic extension will be granted to you until October 15th 2018 OR file form 4868 electronically /mail out by paper to get an extension until October 15th.
What is the penalty for underpayment of tax?
You will be required to pay a penalty of 0.5% of the balance due each month your taxes are unpaid, up to a MAXIMUM OF 25% .
How to pay IRS if you owe taxes?
Check out this article that provides step by step guidelines on how to pay.