What Happens If You Miss the Oct. 15th Tax Extension Deadline?

October 8, 2019 @ 2:28 AM · Taxes

What if I miss tax extension deadline

The October 15th deadline is fast approaching for taxpayers who filed Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.  State tax extension deadlines vary by state.  Alabama's deadline is the same date as the federal deadline.  Special tax extension deadlines were approved for certain members of the military serving in combat zones, taxpayers living outside the U.S., and those living in declared disaster areas, if they qualified.

Although some taxpayers were given at least six extra months to file their taxes, they are still procrastinating.  Many have misplaced their W-2's, 1099's, and other financial documents.  Or they may be still ...

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It's Time for a Paycheck Checkup

September 3, 2019 @ 2:38 PM · Taxes

W-2 and W2P CertificatesTaxpayers who haven’t checked their withholding this year should do so as soon as possible.  A "Paycheck Checkup" can help you see if you’re withholding the right amount of taxes from your paycheck. In general, this should be performed whenever there are major lifestyle changes like marriage or divorce, birth or adoption, new job or unemployment, etc. 
 
Major tax law changes should also prompt a paycheck checkup.  This year, the Tax Cuts and Jobs Act resulted in some taxpayers being surprised by a smaller refund,  an unexpected tax bill, and/or an underpayment penalty because they had not made the proper withholding adjustment in 2018.  
 

Taxpayers most likely...

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Celebrating Back to School Season

August 21, 2019 @ 1:39 PM · Education, Site News
BGGE is celebrating "Back to School" season in August and September.  That means I will be dusting off some of my education-related articles and overhauling several channels at bgge.com, especially the Education Center.  As always, please be patient during this "live" revamp.  Come back later if you find broken links, distorted pages, etc.  
 
During this "Back to School" celebration, I've decided to return to the "social media world" to address some of my client's questions - "educate them".   I'm currently developing  hashtags to cover the wide range of BGGE topics.
 
Many of my clients, family, and friends ...
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2019 Tax Filing Season Begins Jan. 28

January 18, 2019 @ 3:49 AM · Taxes
On January 7, 2019, in news release IR-2019-01, the Internal Revenue Service confirmed that despite the government shutdown, "it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled".   Software companies and tax professionals are already accepting tax returns and will submit them when the IRS systems open later this month.  
 
The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers.  However, Maine and Massachusetts residents have until April 17, 2019 to file their returns.  
  
Nearly 50,000 IRS employees furloughed as part of the government shutdown have been called back to work.&...
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2018 Tax Filing Season Begins Jan. 29

January 10, 2018 @ 11:48 PM · Taxes
Tax Time 2018

The Internal Revenue Service announced in their January 04, 2018  IR-2018-01 news release that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. Below are excerpts of that release:

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS ...

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BGGE Has a New Look For 2017

August 16, 2017 @ 6:02 PM

BGGE Screenshot -Old Look 2017BGGE has a new look. I've used the "road to success theme" since 2013. I've wanted to change the home page for months.  Under the old framework, periodic changes eventually made it look bloated.  It definitely had become slow to load.

I'm calling this 2017 revamp "getting to know me".  The home page is still informational and service-oriented, but also features my "virtual administrative assistant" qualifications, portfolio, and current promotions.  The view-port is wider; the menu and footer links have been reorganized for easier navigation; and the social media buttons have been moved to the top of the page for easier access.


BGGE Screenshot-new look 2017Completely overhauling BGGE will not be ...

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2017 Tax Season Begins Jan 23rd โ€“ Prepare for Some Significant Changes

January 8, 2017 @ 3:52 PM

Tax Time 2017The nation’s tax season officially begins on Monday, January 23, 2017.   That is when the IRS will begin accepting electronic tax returns and processing paper tax returns.  While many software companies and tax professionals will be accepting tax returns before Jan. 23, they cannot actually submit your return until the IRS systems open.

According to the December 9, 2016 newsletter, the IRS expects more than 153 million individual tax returns to be filed in 2017.  Four out of five tax returns will be prepared electronically using tax return preparation software.  Certain taxpayers may need to prepare for some significant changes for this tax season, as highlighted below: 

Expect A Longer Wait For Certain......

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The Electronic Filing PIN Is No Longer a Signature Verification Option

August 8, 2016 @ 10:01 AM

1040 pg2 - Sign HereOn June 23, 2016, the IRS issued a statement on the Electronic Filing Pin.   The statement read as follows:

As a precautionary step to protect taxpayers, the Internal Revenue Service today announced that the electronic filing PIN tool is no longer available on IRS.gov or by toll-free phone following additional questionable activity.

The e-File PIN serves as an alternative signature verification method on the Form 1040 series and helps assist with electronic filing of tax returns. Most taxpayers do not need an e-File PIN to file electronically, they can use their prior-year adjusted gross income from copies of their prior year tax returns. For those who do not have a copy of their tax return, they may use Get Transcript to obtain...

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IRS Releases FY 2015 Data Book

April 2, 2016 @ 5:49 AM

2015 Data BookLast month, the Internal Revenue Service released the 2015 IRS Data Book, a snapshot of agency activities for the fiscal year.

The 2015 Data Book describes activities conducted by the IRS from Oct. 1, 2014, to Sept. 30, 2015 and includes information about returns filed, taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce, among others. This edition also contains charts that show trends, such as the decline in the number of audits and the reduction in telephone and in-person tax assistance, but increases in the use of online resources and volunteer tax assistance.

Highlights of this year's Data Book

  • During FY 2015, the IRS collected more than $3.3 trillion, processed more than 243 million tax ...
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2016 Tax Season Opens Jan. 19th - BGGE Clients Save

January 15, 2016 @ 5:21 PM
tax-timeAccording to the Internal Revenue Service's December 21, 2015 newsletter, "the nation’s tax season will begin as scheduled on Tuesday, Jan. 19, 2016".  The IRS will begin accepting individual electronic returns that day. They expect to receive more than 150 million individual returns in 2016, with more than four out of five being prepared using tax return preparation software and e-filed. The IRS will begin processing paper tax returns at the same time. They reminded filers that there is no advantage to filing paper tax returns in early January instead of waiting for e-file to begin.

Although the IRS begins accepting returns on Jan. 19, many tax software companies began accepting tax returns earlier ...

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