2019 Minimum Tax Filing Requirement from www.taxaudit.com
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Introduction
Tax filing is an essential part of every citizen's life. It is a legal obligation that every individual has to fulfill. Filing taxes can be a complicated process, but it is necessary to avoid any penalties or legal consequences. In this article, we will discuss the tax filing dates for the year 2019 and provide some useful tips for a hassle-free tax filing experience.
Key Dates for Tax Filing 2019
The Internal Revenue Service (IRS) has set the following dates for tax filing in the year 2019: - April 15, 2019: This is the deadline for filing federal income tax returns for the tax year 2018. - October 15, 2019: This is the extended deadline for filing federal income tax returns if you have requested an extension using Form 4868.
Why is it important to file taxes on time?
Filing taxes on time is crucial to avoid penalties and legal consequences. If you fail to file your taxes on time, you will have to pay a penalty of 5% of the unpaid tax amount for every month of delay. Additionally, if you owe taxes and do not file your tax return, the IRS can take legal action against you, including wage garnishment, bank levy, and even seizure of your property.
How to prepare for tax filing?
Preparation is the key to a successful tax filing experience. Here are some tips to help you prepare for tax filing: - Gather all the necessary documents, such as W-2 forms, 1099 forms, and receipts for deductions. - Use tax preparation software or hire a tax professional to help you with the process. - Double-check your tax return for errors and omissions before submitting it to the IRS. - Keep a copy of your tax return and all supporting documents for future reference.
Common mistakes to avoid during tax filing
Tax filing can be a complicated process, and even a small mistake can lead to penalties and legal consequences. Here are some common mistakes to avoid during tax filing: - Failing to report all sources of income. - Claiming incorrect deductions or credits. - Forgetting to sign and date your tax return. - Filing your tax return with incorrect personal information, such as your name, address, or Social Security number.
What to do if you miss the tax filing deadline?
If you miss the tax filing deadline, you can still file your taxes using Form 4868 to request an extension. However, keep in mind that an extension only gives you more time to file your tax return, not more time to pay your taxes. You will still have to pay interest and penalties on any unpaid taxes.
Conclusion
Tax filing is an essential part of every citizen's life. It can be a complicated process, but with proper preparation and knowledge, you can file your taxes hassle-free. Remember to file your taxes on time to avoid penalties and legal consequences. Use the tips and information provided in this article to make your tax filing experience smooth and stress-free.
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