Currency | by the staff of Ladd, McCall & Associates, PA, Cornelius Office
Ready for Refunds The sooner you file, the better off you’ll be
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his is the last installment of tax tips and information that we will be presenting. Hopefully, you are well on your way to completing your taxes. If you still have questions or need assistance, the following information should be helpful.
Lake Norman Currents | April 2009
• As a reminder, for individuals, if you will not file your taxes by the April 15 deadline, be sure to file an extension for both the federal and state returns. This will give you until October 15 to file. This is only an extension to file, not an extension to pay your tax liability. Any taxes owed must be submitted by April 15 to avoid interest and late payment penalties. The penalty for paying taxes late is 0.5 percent of the unpaid amount for each month or part of a month the taxes are unpaid, with a maximum penalty of 25 percent. (This penalty can be avoided by paying at least 90 percent of your tax liability by April 15 and paying the balance by October 15.) The penalty for filing your return late, without having filed an extension, is 5 percent of the tax due for each month or part of a month the return is not filed, up to a maximum of 25 percent. Any interest charged is in addition to any penalties. • Annual reports for LLC’s are also due by April 15. • If you have general questions, the IRS offers assistance. Individuals should call 1.800.829.1040. Businesses should call 1.800.829.4933. • If you need assistance completing your tax return, there are two free programs offered by the IRS as follows: The Volunteer Income Tax Assistance Pro14
gram is offered to individuals/families with lowto-moderate income. For the nearest site and to find out if you qualify, call 1.800.829.1040. The second program is the Tax Counseling for the Elderly Program. This is for individuals aged 60 and older. To find the nearest site, call 1.888.227.7669. • You may be eligible for free electronic filing of your tax return. Eligibility is based on your adjusted gross income. For further information, go to IRS.gov and enter ‘free file’ in the search box. • If you mail your return and choose a paper check, you can usually expect to receive any refund due within six weeks. If you mail your return and choose to have your refund deposited directly into your bank account, it should take four to six weeks. File your return electronically and choose direct deposit and it should only take ten to fourteen days. • There are a couple of ways to check on the
status of a refund. You should have a copy of your tax return when you call, as you will need to provide your Social Security number, filing status and the exact amount of the refund shown on your return. If it has been at least four weeks after you mailed your return, you can call the Refund Hotline at 1.800.829.1954 or the IRS TeleTax System automated line at 1.800.829.4477 or Go to the IRS website at IRS.gov and click on “Where’s My Refund.” Consult your Certified Public Accountant for further information and to have a plan designed for your particular needs. LNC Disclaimer: Information contained below was accurate as of the date of publication. Due to frequent tax law changes, information may no longer be accurate. For the latest tax information, please contact a Certified Public Accountant.