Late Tax Filing Information | PriorTax.com blog

Who Has to File IRS Form 1040?

Posted by admin on March 7th, 2012

Find out if you are required to file a 2011 federal tax return

All those with incomes are above a certain level have to file an income tax return, either a Form 1040, 1040A, or 1040EZ.

Every year the numbers change, as they are adjusted for inflation. For 2011 taxes, the income thresholds that determine whether or not you need to file are as follows:

Filing Status	Age	Income Threshold
Single	under 65 65 or older	$9,500 $10,950
Married Filing Jointly	under 65 (both spouses) 65 or older (one spouse) 65 or older (both spouses)	$19,000 $20,150 $21,300
Married Filing Separately	any age	$3,700
Head of Household	under 65 65 or older	$12,200 $13,650
Qualifying Widow(er) with Dependent Child	under 65 65 or older	$15,300 $16,450

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Tags: 1040 Form, Reasons to File, Tax Forms
Category: 2011 Taxes, Why File?
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When Is the Tax Deadline?

Posted by admin on February 29th, 2012

This year you have until April 17 to file your federal tax return

The tax deadline this year is April 17, 2012, which means you have until then to get your 2011 federal tax returns in to the IRS.

If this date seems a bit odd, you’re right. Normally April 15 is Tax Day. But this year April 15 is a Sunday and April 16 is Emancipation Day, a special holiday in the District of Columbia. Since the IRS is closed both days, everyone has an extra two days to file.

April 17 is also important because it’s the deadline by which you must request a tax extension if you want to avoid the penalties and interest for a late return. All you have to do is file Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return] and the IRS will grant you an additional six months, until October 15, to file your return.

Do note, however, that the IRS requires you to estimate and pay your tax liability before it will grant you an extension. So even though you may be able to put off all the paperwork, you won’t be able to delay paying. Read the rest of this entry »

Tags: April 15, IRS Deadlines
Category: 2011 Taxes, IRS Deadlines
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The Back Tax Fallacy

Posted by admin on January 24th, 2012

Filing a Late Tax Return Doesn’t Necessarily Mean You Owe Back Taxes

The tax world is full of technical jargon that might not mean very much to the layman. But one distinction you really should pay attention to is the difference between back taxes and late taxes, especially if you’ve neglected your taxes in years past.

The phrase “back taxes” gets thrown around a lot in reference to all sorts of different tax issues from previous years. It often gets mixed up with the term “late taxes” and, in certain quarters, the two are used interchangeably.

But in reality late taxes do not necessarily result in back taxes – all back taxes are late taxes, but not all late taxes are back taxes.

So what exactly are back taxes and how are they different from late taxes? Read the rest of this entry »

Tags: back taxes, filing taxes late, Late Filing Penalties
Category: How to Save on Your Taxes, Penalties, Why File?
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2012 IRS Calendar & Deadlines

Posted by admin on January 13th, 2012

January 10, 2012

Earned more than $20 in tips during December? You must report your tips to your employer(s) by January 10. Use Form 4070: Employee’s Report of Tips to Employer.

This is the first of the monthly deadlines for tip earners So, if you earn more than $20 in tips in the month of January you must report these tips to your employer on Form 4070 and do so by Feb. 10. The deadlines for the months that follow all fall on the 10th of each month with the following exceptions: March 12, June 11, and November 13.

January 17, 2012

E-filing opens for 2011 returns.

In addition, if you did not have your income tax withheld by your employer in 2011 your final installment of 2011 estimated tax is now due. Use Form 1040-ES: Estimated Tax for Individuals.

However, you can disregard this deadline if you plan on filing your return and paying any tax owed by January 31.

January 31, 2012

E-filing opens for 2011 returns.

If you made estimated tax payments throughout 2011, you can avoid the penalties on any remaining tax owed by filing your return and paying the IRS by this date. Read the rest of this entry »

Tags: 2012 Taxes, IRS Deadlines
Category: 2012 Taxes
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Seek Late Tax Filing Assistance, Before the IRS Files a Tax Lien

Posted by admin on November 9th, 2011

The IRS could file a tax lien against you if you owe federal back taxes

One of the best reasons to file late taxes is to avoid the sort of penalties the IRS can hand out to those who owe unpaid taxes for a given year and haven’t yet filed a tax return.

One of the nastiest weapons in their arsenal is the tax lien. A tax lien gives the IRS claim to your property as security or payment towards taxes owed. Your property here can mean your paycheck from which the IRS can excise a percentage of your income. Or, in the worst possible case, it can involve seizure of your home to satisfy your debt. Read the rest of this entry »

Tags: filing taxes late, Late Filing Penalties, Reasons to File, Tax Forms, tax lien
Category: Penalties
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2010 Federal Income Tax E-Filing Deadline

Posted by admin on September 28th, 2011

If You Requested an Extension, Start Preparing Your Return Now

For all of you who requested a file extension for income taxes, the deadline to file your taxes electronically is just around the bend. Make sure to file by October 17 in order to avoid penalties and reap all the benefits of filing an online return.

This has been kind of a wacky year when it comes to tax deadlines. First the special Emancipation Day holiday in D.C. pushed the normal deadline to file taxes for 2010 back three days to April 18. In addition to this change of date, the deadline for filing late is pushed back as well. Because the normal deadline, October 15, falls on a Saturday, you’ve got until Monday the 17th to get those tax returns in electronically. Read the rest of this entry »

Tags: E-File, IRS Deadlines, Tax Extension
Category: 2010 Taxes, IRS Deadlines
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File 2009 Taxes: Little Ditty about Nick and Paige

Posted by admin on May 23rd, 2011

Two late 2009 tax filers wondering about the stimulus package.

Nick and Paige first met at a party in the spring of 2009. Nick nursed a lukewarm beer in a corner; Paige wore a varsity sweat blazer in nebulous navy and did her best to look bereft of emotions. It would turn out to be a tumultuous year. Later, Paige crunched the last hard pebbles of ice in the parking lot at Rutt’s Hut with the heel of her boot while Nick waited in line for chili dogs. A few days of furious texting, coupled with some tentative sexting, much the rage that year, improbably flowered into a full-fledged relationship that set the new couple in a tizzy of by then unavoidable Facebook updates.

When the King of Pop moonwalked back to Neverland for the last time that summer, the stations flooded with endless waves of Beat It and Billie Jean that washed over the speakers of Paige’s new Camry. Paige had long been an ardent MJ fan; Nick, not at all; they squabbled; it was a first cloud in a formerly clear sky. Then, in late November, after a stormy Thanksgiving at their new home, the many minor disputes merged into a major mess. Nick’s ex Rachel or, as Paige was soon to call her, Rachel You-can-tell had been sighted; Paige found Nick’s reassurances too tepid. In the following weeks, he felt compelled to hide his golf clubs and cancel practice sessions at the local range, just in case. Read the rest of this entry »

Tags: filing taxes late, Recession, Stimulus Package, What's New
Category: 2009 Taxes
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2010 Tax Filing: What’s New This Year?

Posted by admin on January 11th, 2011

Here are some important changes you should keep in mind prior to filing your taxes this year.

First, the due date to file your Form 1040 is April 18 instead of the customary 15th deadline. This is due to the Emancipation Day holiday observed in Washington DC falling on the 15th this year. The April 18th return date is applicable whether you reside in the District of Columbia or not.

For 2010, there are no longer any limits on the number of personal exemptions and itemized deductions that you can claim. In other words, you will not lose part to your deduction, irrespective of the actual amount of your adjusted gross income.

Please note however that all unemployment compensation you may have received in 2010 generally is now fully taxable. The exclusion from income of up to $2400 that applied in 2009 has been rescinded and is no longer available. Read the rest of this entry »

Tags: What's New
Category: 2010 Taxes
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2009 E-File and Tax Extension Deadline

Posted by admin on October 15th, 2010

October 15th marks the IRS tax deadline for E-filing tax returns. The trend for E-filing tax returns has swept the US due to the convenience of not having to file paperwork and receiving your tax refund faster. You will still be able to mail in your 2009 tax return after this October 15th E-File deadline; however, your return will be considered late. All returns must be signed and mailed after this date.

The tax extension deadline means that any individual taxpayer who has filed an extension for the tax year 2009 must have their returns completed and postmarked on its way to the IRS by 11:59PM on October 15, 2010 in order to avoid penalties. If you owe for the tax year 2009 and you miss this deadline, penalties will be added to the amount that you owe, and interest will continue to accrue. If you do not have the transcripts or documents needed from your employers or past years, it would be wise to Retrieve Missing Forms right away and get the ball rolling on your taxes before the tax extension deadline.

A deadline of October 15th means that the beginning of October has been filled with taxpayers attempting to have their returns completed and filed with the IRS before the tax extension deadline. It would be in your best interest to file as soon as possible so that you do not miss this deadline.

Tags: E-File, filing taxes late, IRS Deadlines, Tax Extension
Category: 2009 Taxes, IRS Deadlines
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2006 Late Tax Filing Deadline

Posted by admin on April 7th, 2010

An important deadline is coming up on April 15, 2010. This applies to people who have not yet filed their 2006 tax returns, and who might be eligible for a refund from the IRS. As per IRS regulations, any refund owed by the IRS for tax year 2006 must be claimed by filing a 2006 tax return on or before April 15 2010, failing which the refund amount is deposited into IRS coffers, and cannot be claimed at any time in the future.

Millions of people routinely fail to file taxes on time. This could be due to a variety of reasons, ranging from lack of knowledge about tax filing regulations to intentionally not filing taxes because of an apprehension that the IRS will then not know about certain financial aspects of the person. Whatever the reason maybe, it should be clearly understood that not filing taxes can put one in serious trouble, and the IRS has powerful recourse to make someone pay their due. Read the rest of this entry »

Tags: April 15, filing taxes late, IRS Deadlines, Tax Refund
Category: 2006 Taxes, IRS Deadlines
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