Scammers claiming to be IRS agents are once again making the rounds through Indiana. State police representatives say they call, tell victims they owe taxes and threaten them with jail unless immediate payment is made. That’s a tip off the call is a fake, as the IRS will not employ such a tactic to collect tax payments. Continue reading
Don’t Ignore Income Tax Filing Deadline
Federal and state income tax returns need to be filed tomorrow. Michelle Bachtel with H&R Block says you have options if you owe and are not able to pay. She adds the most important thing is not to panic
“If you can’t pay the full amount by April 15, just pay what as much as you can,” Bachtel said. “Even though interest will accrue on the amount owed, you’re not going to be arrested, and they’re not going to come knock on your door and seize your home.” Continue reading
Get Your Information Together Before Tackling Your Taxes
If you haven’t filed your taxes yet, time is running out. Federal and state income taxes are both due Wednesday, April 15. Michelle Bachtel from H&R Block in Knox says you need to have personal information for everyone on your return handy before you start. This includes Social Security numbers, birth dates and full legal names as registered with the Social Security Administration. You will also need documentation of all of your income from wages, tips, savings, investments, retirement, rental property, self-employment or farming. Continue reading
Don’t Forget Any Income When Filing Your Taxes
Federal and state income taxes are due in eight days. Michelle Bachtel from H&R Block in Knox says it’s important not to exclude any sources of income.
“Pretty much all income, whether it’s reported or not reported, is taxable unless the law specifically excludes it,” Bachtel said. “This includes non-cash income from things like bartering or exchanging of assets. Both parties are expected to include the fair market value of the item or services they received as income on their tax returns.” Continue reading
Taxes Are Due Next Week – Who Needs to File?
Federal and state income taxes are due April 15. Michelle Bachtel with the H&R Block office in Knox says anyone whose income exceeds the filing threshold set by the IRS needs to file a tax return. Thresholds are based on your age and filing status, which is either single, married filing joint, married filing separate, head of household or qualifying widower.
Income requirements vary, but Bachtel offers a general guideline. Continue reading
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