G&G: TAX EXTENSION DEADLINE APPROACHING October 15, 2019

 

This is
G&G Associates Tax & Financial Consulting
e-Newsletter

TAX EXTENSION DEADLINE APPROACHING
October 15, 2019

G&G Readers,

Guess what time it is? Almost tax "EXTENSION" deadline time! If you still haven't filed your taxes please contact us so we can get your taxes filed for you. The deadline this year is Tuesday October 15, 2019.

The IRS gives taxpayers until April 15 to file and pay their federal income taxes. People who cannot make this deadline to file can request an extension until October 15th.  This extension granted taxpayers extra time to file their returns. They still were required to pay their estimated amount of taxes by the April 15 deadline, however.

When the October deadline comes and goes, you might wonder what will happen to you for not filing your taxes on time. You may resolve to file your taxes by the original or extended deadline by learning what could occur if you fail to submit your return by October 15.

If You are Owed a Refund 

If you miss both the April 15 and October 15 tax filing deadlines and are owed a refund, chances are that nothing will happen to you. In fact, the IRS will more than likely deduct any interest and penalties you owe from that refund. It is up to you then to file and claim that refund if you want it.
That is not to say you should purposely neglect filing your taxes, however. It is true that the IRS will not go out of its way to remind you to file if it owes you a refund. It does not mind at all that you are lending it more money than you legally are required.

Still, you only have three years to file your return if you want to collect on a refund owed to you. You also should file your next year’s return on time if you do not want the IRS to hold that tax refund as well. It relies on you to file the necessary return if you want to get the refund back to which you are entitled.

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Internal Sponsorship:

G&G TAX PREPARATION SERVICES

We can service clients anywhere in the world and we look forward to assisting you in getting your tax return prepared for the 2018 and beyond tax season. (Referrals available upon request)

If you are a returning client you'll get a 25% discount off your tax preparation fees. If you are a new client you'll get $40 off our normal fees. If you are active duty or retired military you'll get a 15% discount. If you are a senior citizen (above 65) you'll get a 20% discount.

At G&G Associates, we GUARANTEE to beat "ANY" other tax professional’s price. We take pride in not nickeling and diming our customers with unnecessary charges & fees.

For INSTRUCTIONS on how to get your taxes prepared visit our website, click on the "TAXES" tab, "Tax Consulting Forms" and then download the "Tax Preparation Worksheet (2018)."
 
For more information about G&G Associates, visit our website at www.gngnassociates.net

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If You Owe Money 

If you miss the October 15 extended deadline and owe the IRS money, you risk getting yourself into a graver situation. You are encouraged to keep in mind that the IRS receives the same income statements as you do. It has access to statements like:

• W-2s
• 1099s
• 1098s

that verify how much income you have earned during the year. The IRS also knows if you fail to file by the April 15 or October 15 deadline if you have been granted an extension.  Further, the IRS will compile a substitute return for you and then notify you about how much taxes you owe to the federal government. This substitute return will not take into consideration any exemptions or deductions to which you are entitled. It is up to you to include that information on your return when you file.

Once the IRS compiles and notifies you about the substitute return, it will begin collection activity against you. These activities can include levying and seizing your assets including your:

• Bank account
• Retirement savings
• Real estate
• Secondary car or home
• Life insurance policies

You will be notified in writing about the IRS’ intent to seize or levy your assets. You have up to 30 days to dispute the intention or resolve your debt in order to avoid it. It is critical that you do not ignore written notices from the IRS if you want to protect the assets that you own.

Ideally, you should file and pay your taxes as soon as possible after missing the October 15 deadline. If you avoid filing because you realize you cannot pay what you owe, you may want to consider the options available to you for resolving your IRS tax debt.

It's imperative that you have a tax professional and "not just a tax preparer" doing your taxes.  Trust me folks, there is a big difference.

One of the benefits of being a client with G&G Associates is that you'll get a free 30 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit your documents for tax preparation.

So, contact us today to schedule an appointment.

Until the next time!

Tua (Thank You),
Asar Maa Ra Gray
Tax, Financial & Veteran Consultant
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net

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