8 Things You Need to Know For the 2018 Tax Deadline!

tax deadline 2018

October 15 is in less than 2 weeks…did you file your 2017 taxes?

Taxpayers tend to wait until the last minute to file their 2017 tax returns. However, if you’re one of these taxpayers who missed the April 17 tax deadline, here are some helpful tax information that you should know.

1. October 15, 2018 is the e-file and extension deadline.

After October 15, 2018, are required to paper-file your 2017 tax returns since e-file is no longer available.

2. If you have a refund waiting for you, you are not subject to penalties for filing late.

Just make sure you file your return within three years of the original due date based on the IRS statute of limitations.

3. You cannot file an extension and your tax return is considered late.

This means if you did not file an extension by April 17, you can no longer do so.

4. If you have a tax due to the IRS and did not file or pay your taxes by April 17, you will be subject to penalties.

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Am I Still Required to File A Past State Tax Return?

states with no income tax

Don’t worry about filing a past state tax return if you belong to one of these as your resident state.

The U.S. states that do not have income taxes are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. However, just because you don’t need to pay income tax, doesn’t mean a state is any cheaper to live in. In order to maintain state revenue, states with no income tax rely on other uses of taxes such as estate, property, sales, excise, gift taxes and more.

For example, here are a few ways each state maintains their state revenue:

  • Alaska depends on estate, excise, gift and severance taxes
  • Florida depends on property, sales, and corporate income taxes
  • Nevada; being a tourist attraction, depends on fees, gambling taxes, and high sales taxes
  • South Dakota taxes property, alcoholic beverages and cigarettes
  • Texas depends on high use, sales and property taxes
  • Washington depends on business, occupation and sales taxes
  • Wyoming depends on taxing property and businesses

Unlike the seven states above, New Hampshire and Tennessee do not have personal income taxes but still taxes specific types of income. New Hampshire doesn’t have sales tax, or inheritance tax but it does tax interest and dividends. Tennessee does not have estate and inheritance tax but taxes dividends and interest due to its Hall Tax.

Have you forgotten to file a state return or two?

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10 Tax Changes for 2019!

how will my taxes change

After this tax season ends, another begins.

You might wonder what the Tax Cuts and Jobs Act (TCJA) has in store for you next year. The answer is a lot. Many of the common deductions you know will either be limited or removed until 2025, when the TCJA expires.

  1. No more personal and dependent exemptions.

The $4,050 personal exemption that taxpayers claim for themselves, spouses and dependents are no longer available in 2019. Currently, you can still deduct personal exemptions for the 2017 tax year. Click here to deduct your personal exemptions now.

  1. The Standard Deduction doubles.

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