Believe it or not, the process of filing an extension on your taxes is probably a lot more painless than you think. If your income is above that, multiply what you paid previous year by 1.1 (to get to 110%).
These numbers should come to light down the road, as this is by far the busiest few days tax preparers and accountants have all year as they scramble to meet the deadline.
"It's important to file on time because you get all the credits that you are due in a timely manner", said Viruet.
This year's tax-filing deadline is Tuesday, April 17, and 64% of Americans expect to receive tax refunds when they file their returns, according to a recent poll.
How well do you know your taxes? If you owe money to the taxman, you still have to make a well-educated estimate, fill out a form requesting an extension, and send the estimated amount you owe.
Crypto Taxes - As April 17th closes in Credit Karma, the highly used Tax platform in the USA, announced that less than 100 people have reported capital gains from cryptocurrency investments in 2017. They said those instructions came from a co-owner of Fast Tax in Winston-Salem. The first payment for tax year 2018 is due April 17.
"Before you respond to them, before you give out any sorts of personal information, even things like your name, date of birth, especially social security number, don't give that information out unless you can absolutely verify that you're speaking with someone that's from the IRS", said Shifflett. So even if you owe more than you can pay right now, file your return and contact the IRS to set up a payment plan.
The most popular planned use of tax refunds, coming in at 43%, is adding the money to their savings.
While many Americans enjoy getting a tax refund, others would rather have access to that money throughout the year. And Viruet says local tax offices across the Valley are offering to extend their hours to ensure everyone beats the deadline.