Good news and bad for tax filing procrastinators


Crypto Taxes - As April 17th closes in Credit Karma, the highly used Tax platform in the USA, announced that less than 100 people have reported capital gains from cryptocurrency investments in 2017.

The tax filing deadline this year is Tuesday, April 17.

"It will give you the time to get everything together, maximize your deductions and go ahead and file it and have it taken care of", said Byron Smith, a Shareholder at Gregory, Sharer & Stuart, CPAs.

You can use any electronic filing method you choose, but it's worth noting that the IRS says about 70 percent of taxpayers are eligible to file their tax return at no charge by using IRS Free File software.

If you really can't get your tax return done, seek an extension. The agency has information here about what you need to do to file for a tax extension.

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Representatives with Quality Tax Service also advise residents and small business owners to hold on to all receipts and invoices.

This caller claims to be from the IRS, but it's a scam. After filing a fraudulent tax return, criminals use the taxpayer's real bank account for the deposit. You can do much smarter things with that money, like putting it into a retirement plan or a college savings fund or maybe paying down outstanding debt or replenishing your emergency reserve fund. Nearly all rejected extensions are the result of submitting incorrect information, such as a name or Social Security number that does not match IRS records. Accordingly, the IRS will not recognize any such arguments and assess a penalty of $5,000 for filing a frivolous return.

Consumers should pay particular attention to how they budget their larger paychecks to make sure the extra money that would have ended up in their tax refund check doesn't get spent mindlessly. They said those instructions came from a co-owner of Fast Tax in Winston-Salem. It may be altruistic in nature, but the seller gets significant tax benefits when this happens. After doing so, you may want to adjust your W-4 at work.

Anyone who held Bitcoin at the beginning of 2017 would be roughly 8 times richer today, and almost 20 times richer at the end of the year.