Economy

IRS Awards Tax Filing Extension for Santa Barbara County

IRS Awards Tax Filing Extension for Santa Barbara County

A tax extension gives you an additional six months to file your taxes.

Believe it or not, the process of filing an extension on your taxes is probably a lot more painless than you think. They say they will not initially contact you through email, text, social media or the phone. For the 2015 tax filing year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings.

Don't forget about state taxes, advised Lisa Greene-Lewis, tax expert for TurboTax.

"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith.

At H&R Block in Tyler, tax analyst's see a large influx of customers the last few days before the deadline.

More news: New Western Syria strikes would spark 'chaos': Putin tells Rouhani

The recent tax law changes in 2018 have also changed the tax withholding tables, so taxpayers should use this IRS-provided calculator to get a better estimate of how much tax should be withheld to reduce their yearly refund and increase their paychecks. You can go to your local tax preparer, submit it through an online tax preparer, or submit it through the IRS website.

While many Americans enjoy getting a tax refund, others would rather have access to that money throughout the year.

Of course, the sooner you file the sooner you get your refund, if you're due one. In fact, they're lower than they've ever been in the past 15 years, primarily due to a reduction of the IRS' budget according to the New York Post.

However, if you can't find a way to pay - file anyway.


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