You have about a month to get your taxes filed with the Internal Revenue Service. National Tax Day is usually April 15 of every year; however, on some years, you may get a few extra days. 2017 is such a year. This year, April 15 is on a Saturday, and the IRS doesn’t count weekend days. However, the government is observing Emancipation Day on Monday, April 17, 2017, which means that your federal taxes won’t be due until Tuesday, April 18, 2017.
Tax Day History
The first time the government tried to collect taxes was to fund the Civil War in 1962. However, the tax was deemed unconstitutional because it was not implemented with uniformity across the states. In 1913, the United States enacted the 16th Amendment, making taxes due from everyone. In 1913, tax day was March 1. The government moved tax day to March 15 in 1918, and finally, to April 15 in 1955.
The 16th Amendment is simply stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.” The tax code is Section 26 of the U.S. Code.
Filing Taxes
Some states also require you to pay state income tax. As of 2017, Florida does not have a state income tax – you need only worry about federal income tax. If you have filed an extension for your taxes, October 6, 2017 is the deadline for the 2016 tax year. You must still pay any amounts due, even though you filed an extension.
Amended Tax Returns
While you may file an amended tax return at any time, you usually have just three years to claim any tax refund that you might be entitled to as a result of the amendment. That date is April 20, 2020. If you missed filing for one or more specific years, you may also file those returns at any time; however, you cannot use the government’s e-file system. Those returns must be filed by mail.
Filing Late
While a refund might disappear if you file after three years, past due taxes do not disappear. Additionally, the IRS might charge a fine for making a late payment, plus a fine for filing late. You’ll also be charged interest. Charges and interest are based on the amount you owe. You’ll also have to mail any late returns in. The e-file option is only available for the 2016 tax year, and only until October 16, 2017.
The penalties for filing late are more severe than the fees for not paying the amount due, so you should file on time, even if you can’t pay what you owe.
Getting Professional Help With Taxes
In most cases, if you are able to file a 1040 EZ, you may file your own taxes. However, if you have to file a regular 1040, you may wish to retain an accountant or a tax preparer to ensure that your taxes are done correctly. If you own a business, large or small, have rental income, or other special income, you may also want to have an accountant or tax preparer complete your taxes for you.
Every so often, the IRS audits tax returns. You might be lucky enough to never get audited, or you might audited several years in a row. If the IRS finds a mistake, it will notify you. If you believe that there was no mistake on your tax returns or the IRS says you owe more money, you may want to retain a tax attorney to help you sort things out. A tax attorney may be able to negotiate lower payments or even a lesser amount, depending on your circumstances.
If you are ready to file your taxes, but are not sure where to start because of any circumstances including multiple properties, bankruptcy and one or more businesses, a tax attorney and tax preparer working together are able to advise you on filing the proper documents.
Contact France Law Firm
Never assume the tax law is the same. Something changes every year. In going with current events, you also have to provide health insurance information for the 2016 tax year, but may not have to provide that information in the future. A tax attorney will help you keep up with the ever-changing tax code. If you have a tax issue, have been audited or have complex tax returns, whether personal or business, contact France Law Firm for tax advice.