File away that coin with one of our top software platforms and an expert Q&A to answer all your questions.
Ahead, find the answers to your top tax questions below from Garrett Watson.This year’s national deadline is April 18, while residents of Maine and Massachusetts have an April 19 deadline because of the Patriot’s Day Holiday, according to Watson.
“Taxpayers can request a six-month extension for filing tax returns, but it does not change the payment deadline of April 18,” he adds. “This means that payments remitted after this date for taxes owed may be subject to penalties and interest. The best practice this year is to try and file electronically as much as possible, as the IRS has a large paper return backlog that may increase your risk of delays if you file a return on paper.
If you have self-employment income, having a good understanding of your total gross income and expenses that can be deducted from that gross income helps ensure you’re not overpaying or underpaying in taxes, too.“Tax preparation software is well-suited for taxpayers with straightforward tax situations, especially if they do not have a complicated business tax situation and take the standard deduction or limited itemized deductions,” Watson said.
However, for more complicated tax returns, professional preparers can “help identify areas where mistakes are more common and point out any missed opportunities to reduce one’s taxable income,” he adds.
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