Tax Day FAQ: What You Need to Know for April 15

Calculator with tax buttons
By Christopher Coble, Esq. on April 12, 2019 6:00 AM

Tax Day is on Monday, and hopefully you've got all your annual financial ducks in a row. And, if not, maybe this reminder will help you get ready.

Filing your taxes can be stressful, but that stress usually comes from the unknown. So here are five of the most frequently asked questions regarding Tax Day, and what you need to know about the filing deadline.

1. What Documents Should You Save for Taxes, Finances?

Do you really need every receipt for your self-employment expenses? And how do you prove the mileage and depreciation on your car for the year? Which documents do you need to include in your tax filing? And how long do you need to keep copies in your files? Find out here.

2. Will Your Tax Return Be Higher This Year?

That's what we all want to know, right? From new tax laws to new homes, there are several factors that will impact your tax return from year to year. Find out how the new tax brackets and old tax deductions will affect your filing.

3. When Is It Too Late to File My Taxes?

Monday is the day. But you can file later, with an extension. Beware, though -- if you owe taxes they are due on the 15th and may accrue interest beginning on that day. And there can be significant penalties for filing late and failing to file. And that's for your 2018 taxes -- find out what happens if you didn't file last year or the year before that.

4. What Can the IRS Do If I Didn't File My Taxes?

And if you miss Monday's deadline? Don't worry -- you're probably not going to jail. But that doesn't mean that you won't be facing some serious fines.

5. When Are Tax Attorneys Worth the Cost?

If you've waited this long to file, chances are you could use a hand. Good tax lawyers don't come cheap, but you tend to get what you pay for. And if you don't hire some help, you could end up paying more in the long run.

So contact an experienced tax attorney for help with your taxes, preferably before the Monday deadline.

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