If you’ve been waiting until the last minute to file you’re tax returns, today (April 15th) is the last day to do so without facing a penalty. You can file online, or you can mail in your paper tax forms by the end of the day. As long as the envelope is postmarked for April 15th or before, you’re in good shape.
Before you jump into panic mode about how and where to file, check out these helpful tax tips and guides from Window Cleaning Academy:
Filing self-employment taxes is much easier than you probably think it is. The IRS provides all of the instructions you need for fill out your Schedule C, Schedule SE, Form 1040, and any other forms you may need to complete your tax returns.
Need more time to file your tax returns? You can request a filing extension for up to six months (June 15th). Note that this is just an extension to file, NOT an extension to pay. If you owe taxes for the past year, or even the last quarter, you will be subject to interest charges and other applicable fees that may accumulate before you file. You may file your tax extension on the internet, through the mail, or through a tax professional.
Note: Members of the armed forces on active duty outside of the US or Puerto Rico are allowed to file their returns late without requesting an extension.
If you are receiving a tax refund, you do not have to worry about missing the tax deadline. You can do so for up to 3 years without any penalty.
But let’s face it – if you own your own business, you aren’t getting a tax refund. You’re going to owe money to the IRS. The government charges a late filing penalty if you do not file on or before April 15th. The penalty fee is 5% of the taxes owed each month after the due date, for a maximum of 25%. If you file more than 60 days late, you will be charged a minimum of $135 (or 100% of your taxes due, if less than $135).
Hurry! Get Off The Computer And Go File Your Tax Returns! (We’ll still be here when you’re finished.)