Missed the April tax deadline File and pay by June 14 to avoid a larger penalty and interest https://www.irs.gov/newsroom/missed-the-april-tax-deadline-file-and-pay-by-june-14-to-avoid-a-larger-penalty-and-interest https://accountinginstruction.info/ The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty by filing their 2021 federal income tax return and paying any tax due by Tuesday, June 14. To avoid the larger penalty, the IRS must receive the return by June 14. This means that a return mailed on that date will not qualify. For that reason, the IRS urges everyone to file electronically by June 14. In addition, taxpayers can also limit late-payment penalties and interest charges by paying their tax electronically. The fastest and easiest way to do that is with IRS Direct Pay, a free service available only on IRS.gov. Several other electronic payment options are also available. Visit IRS.gov/payments for details. How the penalty works Those who miss the June 14 cutoff will normally face a minimum late-filing penalty, also known as a failure-to-file penalty. By law, If the return is more than 60 days late, the minimum penalty is either $435 or 100 percent of the unpaid tax, whichever is less. This means that the penalty will equal the tax due if the taxpayer owes $435 or less. If they owe more than $435, then the minimum penalty will be at least $435. Under the normal calculation, this penalty is 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Visit IRS.gov/penalties for details. The late-filing penalty will stop accruing once the taxpayer files. In addition, the separate late-payment penalty and interest will stop accruing as soon as the tax is paid. The taxpayer need not figure any of these charges. Instead, the IRS will bill them for any amount due. Other filing deadline rules Some taxpayers get more time to file, even if they didn't request an extension. These special deadlines affect penalty and interest calculations for those who qualify, such as members of the military serving in combat zones, taxpayers living outside the U.S. and those living in declared disaster areas. Combat zone taxpayers Military service members and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any tax due. A complete list of designated combat zone localities can be found in Publication 3, Armed Forces' Tax Guide, available on IRS.gov. Combat zone extensions also give affected taxpayers more time for a variety of other tax-related actions, including contributing to an IRA. Various circumstances affect the exact length of the extension available to taxpayers. Details, including examples illustrating how these extensions are calculated, are in the Extensions of Deadlines section in Publication 3. Taxpayers outside the United States U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico have until June 15, 2022, to file their 2021 tax returns and pay any tax due. The special June 15 deadline also applies to members of the military on duty outside the U.S. and Puerto Rico who do not qualify for the longer combat zone extension. Affected taxpayers should attach a statement to their return explaining which of these situations apply. Though taxpayers abroad get more time to pay without penalty for late payment, interest is due on any unpaid tax from this year's April 18 deadline. The interest rate is currently 4% per year, compounded daily. The interest rate rises to 5% on July 1, 2022. For more information about the special tax rules for U.S. taxpayers abroad, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, on IRS.gov. Disaster Areas The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in a federally declared disaster area when at least one area qualifies for FEMA's Individual Assistance program. Ordinarily, this means that taxpayers need not contact the IRS to get disaster tax relief. For details on all available relief, visit the Around the Nation page on IRS.gov. ... https://www.youtube.com/watch?v=6mIAfF1nH1Q

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School is out for the summer, but tax planning is year-round IRS Tax Tip https://www.irs.gov/newsroom/school-is-out-for-the-summer-but-tax-planning-is-year-round http://accountinginstruction.com/ Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year's tax return. Below are some common summertime tax situations and tips to help taxpayers figure out if they apply to their tax situation. Getting married Newlyweds should report any name change to the Social Security Administration. They should also report an address change to the United States Postal Service, their employers and the IRS. To report a change of address for federal tax purposes, taxpayers must complete Form 8822, Change of Address and submit it to the IRS. This will help make sure they receive the documents they will need to file their taxes. Sending kids to summer day camp Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. Working part-time While summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return. They'll need to file early next year to get a refund for taxes withheld from their checks this year. Gig economy work Taxpayers may earn summer income by providing on-demand work, services or goods, often through a digital platform like an app or website. Examples include ride sharing, delivery services and other activities. Those who do are encouraged to visit the Gig Economy Tax Center at IRS.gov to learn more about how participating in the gig economy can affect their taxes. Normally, employees receive a Form W-2, Wage and Tax Statement, from their employer to account for the summer's work. They'll use this to prepare their tax return. They should receive the W-2 by January 31 next year. Employees will get a W-2 even if they no longer work for the summertime employer. Summertime workers can avoid higher tax bills and lost benefits if they know their correct status. Employers will determine whether the people who work for them are employees or independent contractorsPDF. Independent contractors aren't subject to withholding, making them responsible for paying their own income taxes plus Social Security and Medicare taxes. Remember to file their tax return if they got an extension People who requested an extension to October 17 or missed the April deadline should be sure to file their return. Many taxpayers can prepare and e-file tax returns for free with IRS Free File. MilTax online software is also available for the members of military and certain veterans, regardless of income. This software is offered through the Department of Defense. Eligible taxpayers can use MilTax to prepare and electronically file their federal tax returns and up to three state returns, for free. Adjust withholding now to avoid tax surprises next year Taxpayers can avoid a tax surprise next filing season by reviewing their withholding now. Life events like marriage, divorce, having a child, or a change in income can all affect taxes. The IRS Tax Withholding Estimator on IRS.gov helps employees assess their income tax, credits, adjustments and deductions and determine whether they need to change their withholding by submitting a new Form W-4, Employee's Withholding Allowance Certificate. Taxpayers should remember that, if needed, they should submit their new W-4 to their employer, not the IRS. ... https://www.youtube.com/watch?v=ZMhXBsweRKQ

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