Saturday, March 17, 2012

Avoiding Filing Your Taxes? This Year You Get 3 Extra Days!

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For some filing annual income taxes brings about feelings of dread. Owing the government money rather than receiving a tax refund isn't particularly fun. The good news is that this year, you get 3 extra days to file your taxes.
The government isn't giving extra time however the 2012 calendar gives extra days. The deadline to file your taxes is April 15th. This year it falls on a Sunday which traditionally pushes the deadline to Monday April 16th but not this year. April 16th is District of Columbia's Emancipation Day. Federal holidays include District of Columbia holidays by law so that pushes the tax deadline to April 17th.
Thanks to 2012 being a Leap Year a third day is added because February has 29 days instead of 28 this year. These extra days give filers the opportunity spend the time organizing their tax documents and it also allows extra time to save the money that may be owed to the government after filing.
If you garner tax debt you run this risk of having the Internal Revenue Service (IRS) contact you to collect the debt. If there is enough debt there is a chance that the government will put tax liens on your assets. Tax liens prevent you from selling the assets without paying the debt. It can be complicated to try and sell a home that has a tax lien on it.
For those with tax debt it can be very beneficial to hire a tax lawyer to help navigate the tax filing and debt. If you already owe back taxes and work with an IRS tax attorney make sure you communicate with them when you file your 2011 taxes. They will need to know if anything is changing with your debt.
Filing your taxes each year should not be something that causes feelings of fear. The government is flexible about payment plans and they will work with you to pay off the debt. It is important not to ignore the problem though. Hire an IRS attorney and face the issue head on. The sooner you come up with a plan the sooner the debt will be paid off.
If you owe significant money each year you might discuss your tax withholding with your attorney. You should be able to have money come out of your check each pay period to avoid owing money at the end of the year.


Article Source: http://EzineArticles.com/6846942

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