Don’t Forget Any Income When Filing Your Taxes

 
 

Federal and state income taxes are due in eight days. Michelle Bachtel from H&R Block in Knox says it’s important not to exclude any sources of income.

“Pretty much all income, whether it’s reported or not reported, is taxable unless the law specifically excludes it,” Bachtel said. “This includes non-cash income from things like bartering or exchanging of assets. Both parties are expected to include the fair market value of the item or services they received as income on their tax returns.” Continue reading

Taxes Are Due Next Week – Who Needs to File?

 
 

Federal and state income taxes are due April 15. Michelle Bachtel with the H&R Block office in Knox says anyone whose income exceeds the filing threshold set by the IRS needs to file a tax return. Thresholds are based on your age and filing status, which is either single, married filing joint, married filing separate, head of household or qualifying widower.

Income requirements vary, but Bachtel offers a general guideline. Continue reading

Income Tax Filing Deadline is Quickly Approaching

 
 

Just three weeks remain to file income taxes on time. The deadline to file is Wednesday, April 15.

Katie McLear Public Relations Specialist with the Indiana Department of Revenue says taxes can be filed for free with the Indiana Free File program. If eligibility requirements don’t allow that option, McLear says the best option is to file electronically.

“There are a number of benefits to filing electronically,” explained McLear. “First for foremost you’re going to get your refund much faster. You’ll get that refund in about 10 to 14 days. You could wait up to 12 weeks if you file by paper.”

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Taxes are Due Today, Don’t Miss the Deadline

 
 

Today is the deadline to either file your federal and state income taxes or electronically file an extension request in order to avoid hefty penalties and interest from the IRS and Indiana Department of Revenue. If you’ve waited until the last minute and won’t be able to get your return done, H&R Block senior tax advisor Michelle Bachtel says you have an option if you act quickly. “File the extension, because the extension alone is going to save you money. Even if you can’t afford to give them a penny, just file the extension,” Bachtel says. That extension will need to be filed electronically. It will give you six months to complete your return without late filing penalties, but Bachtel says any taxes you may owe still need to be paid today if possible in order to avoid failure to pay penalties and interest. Continue reading

Taxes Due April 15 Whether or Not You File an Extension

 
 

Federal and state income tax returns are due a week from today. H&R Block Senior Tax Advisor Michelle Bachtel says the worst thing you can do is ignore the looming deadline if your taxes aren’t done. “To ask for more time, you can file an extension using form 4868. This gives you an automatic six months of extra time. It’s faster if you e-file the request through your tax preparer. The IRS will send you a message of receipt if you file that way. Paper applications, unfortunately, do not get acknowledged,” Bachtel says.  She adds you should have an idea if and how much you will owe when you file for an extension, as it only gives you extra time to finish your return and not more time to pay.  “Do everything you can to pay the full amount when you file for the extension. Otherwise you’ll face interest and penalties that could raise your bill by up to 25 percent. Continue reading