Good news and bad for tax filing procrastinators


The usual April 15 deadline falls on a weekend this year - Sunday, to be exact. The IRS had provided help with filing your taxes and adding cryptocurrency since March of 2014.

Returns this year are due by April 17, unless you file for an automatic six-month extension.

"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. Credit Karma, the popular credit score site which maintains a tax platform as well, has documented information by the IRS which has detailed the individuals reporting capital gains from cryptocurrency investments. If you haven't filed yet, experts say you need to file for an extension.

Tax Day is four days away. If you're working in the gig economy or as a freelancer, you're allowed to take advantage of business expense deductions that you may not be eligible for as a W-2 employee, such as start-up costs, computers, auto expenses and so on, according to Greene-Lewis. Generating an accurate return may remain a top priority, but taking a moment to review it from the Internal Revenue Service's point of view before submitting could save you a significant headache down the road.

If you beleive you have been the victim of an identity scam or fraud, you should file a local police report and then notify the federal agency involved.

"The IRS will work with you", he said.

However, if you can't find a way to pay - file anyway.

Taxes are due on Tuesday. But previous debts to the IRS last until they are fully paid. "You can reduce additional interest and penalties by maying as much as you can with your tax return". Go back and look at what you paid in taxes previous year, including both withholdings and any payments you made (including estimated quarterly payments as well as payments you made last April).