Video instructions and help with filling out and completing irs extension 2019 deadline

Instructions and Help about irs extension 2019 deadline

Music considering your April 15th filing deadline options the April 15 deadline is looming before you and you're not ready yet perhaps far from ready but there are a few options for you that can save you significant money on penalties hi I'm Gary and welcome to tax Bulldog for the best thoughts and ideas for trimming your tax debt are you tax bill now these videos are to help you to help yourself to avoid costly professional fees if your situation has a level of complexity then you may want to consult the tax professional these videos will at least give you an introduction of what to expect and to know when someone is just misleading you now before I start I have to make a few disclosures that are important for purposes of brevity I'll just list these in the description below so be sure to read them as they do contain important information you're going to need to know in these videos I will make references to links and resources on the web often I'll display them on the screen and I'll put them in the description below so if the link is lengthy I will just list it below if you feel you need professional help see my video on selecting a tax professional to represent you at this link no put that below so there's a lot of information in that description below so check it out so to get down to this subject in this video what I'm going to talk about considering your April 15 filing deadline options that is common for most people to think that they can't file a return or even an extension if they don't have all the information they need or you know I pay now the reason it grows bigger is because the penalties and interest that accrue are far more than what consumer debt does people will delay filing because of the fear the IRS will be on top of them quickly and they will have a higher likelihood of an audit neither of these are true now April 15 deadline options are one is you can file a complete and accurate return to file an extension of time to file using for 4868 and three is just don't file anything and stick your head in the sand that's probably the worst choice now assuming you can't file a complete and accurate return we'll look at options two and three here option two is filing an extension if you don't have enough information to file a complete and accurate return file an extension using form 4868 it's a quick and easy one-page form if you don't know how much to put in for what you think you owe make your best guess for now that is not criminal you're just trying to make your best estimate now if you do have a pretty good idea and if it's a lot of money that you can't


How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouse’s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
Can I still contribute to my Roth IRA for tax year 2018 if I've filed an extension for my tax filing deadline (to Oct. 15, 2019)?
Summarizing from well written information in Investopedia: IRA Contributions: Eligibility and DeadlinesExtensions for filing your taxes do not apply to your IRA contribution deadlines, with a couple of notable exceptions.If you have a SEP-IRA, and applied for an extension for filing your taxes, then you have until the end of the extension period to make your contribution, regardless of when you actually file the return.If you are member of the armed services who served in a combat zone (or provided qualifying service outside a combat zone), you automatically receive and extension for making your contribution. The extension is 180 days after one of the following:The last day you service in a combat zone (or complete your qualifying service outside a combat zone).The last day you serve in a contingency operation.The last day of any continuous qualified hospitalization for injury from service in either a. or b.If you don’t meet the requirements for either of the situations above, then your contributions for the 2018 tax year must be made between January 1, 2018 and April 15, 2019.And contributions for the 2019 tax year must be made between January 1, 2019 and April 15, 2020.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.
When should a student fill out the FAFSA?
It is best to file the Free Application for Federal Student Aid (FAFSA) as soon as possible on or after the October 1 start date. The FAFSA becomes available each year on the October 1 before the start of the academic year. (Previously, the FAFSA had a January 1 start date. This changed to October 1, three months earlier, starting with the 2017–2018 FAFSA.)Students who file the FAFSA earlier may qualify for more financial aid.A dozen states award state grants on a first-come, first-served basis, until the money runs out. In most states the funds are depleted within the first 2–3 months.A dozen or so additional states have February or March deadlines for state grants.Students who are applying early action or early decision should file the FAFSA sooner, so that they can get an actual financial aid award letter with the early offer of admission.Some colleges have very early deadlines for their own financial aid funds. Other colleges have two deadlines, and there is a larger pool of funds for students who apply by the priority deadline.Colleges have fixed allocations of campus-based aid funds, such as the Federal Supplemental Educational Opportunity Grant and the Federal Work-Study Program. Students who apply earlier are more likely to be awarded campus-based aid.Most families will have already filed federal income tax returns by the October 1 start date, so filing the FAFSA earlier is easy.
Which IRS forms do US expats need to fill out?
That would depend on their personal situation, but should they actually have a full financial life in another country including investments, pensions, mortgages, insurance policies, a small business, multiple bank accounts…The reporting alone can be bankrupting, and that is before you get on to actual taxes that are punitive toward foreign finances owned by a US citizen and god help you if you make mistake because penalties appear designed to bankrupt you.US citizens globally are renouncing citizenship for good reason.This is extracted from a letter sent by the James Bopp law firm to Chairman Mark Meadows of the subcommittee of government operations regarding the difficulty faced by US citizens who try to live else where.“ FATCA is forcing Americans abroad into a set of circumstances where they must renounce their U.S. citizenship to survive.For example, suppose you have a married couple living in Washington DC. One works as a lobbyist for an NGO and has a defined benefits pensions. The other is self employed in a lobby firm, working under an LLC. According to the IRS filing requirements, it would take about 15 hours and $280 to complete their yearly filings. Should they under report income, any penalties would be a percentage of their unreported tax burden. The worst case is a 20% civil fraud penalty.Compare the same couple with one different fact. They moved to Australia because the NGO reassigned the wife to Sydney. The husband, likewise, moves his business overseas. They open a bank account, contribute to the mandatory Australian retirement fund, purchase a house with a mortgage and get a life insurance policy on both of them.These are now their new filing requirements:• Form 8938• Form 3520-A• Form 3520• Form 5471 (to be filed by the husbands new Australian corporation where he is self employed)• Form 720 Excise Tax.• FinCEN Form 114The burden that was 15 hours now goes up to• 57.2 hours for Form 720,• 54.20 hours for Form 3520,• 61.22 Hours for Form 3520-A.• 50 hours estimate for Form 5471For a total of 226.99 hours (according to the IRS’s own time estimates) not including time to file the FBAR.The penalties for innocent misfiling or non filings for the above foreign reporting forms for the couple are up to $50,000, per year. It is likely that the foreign income exclusion and foreign tax credit will negate any actual tax due to the IRS. So each year, there is a lurking $50,000 penalty for getting something technically wrong on a form, yet there would be no additional tax due to the US treasury.”