Frequently Asked Questions About Filing Taxes in 2018
Loads of stress and doubts always accompany tax filing season. When it comes to filing taxes, clients have a ton of questions but often find answers difficult to come by. Holyoak & Company wants to empower you with accurate information that eases your anxiety and helps you do things the right way. To ensure you have all your doubts cleared, we have answered some of the most frequently asked questions about filing taxes this year.
1. When are taxes due?
Taxes are due April 17, this year. When April 15, falls on a weekend or legal holiday, the tax deadline is postponed. This year it falls on a weekend, and we have a legal holiday that is observed this year on April 17. So get those taxes filed by April 17!
2. How do I file for a tax extension?
If you are not going to be able to file your taxes by April 17, then you can file an extension. If you owe tax, you need to still pay those by April 17 to avoid penalties and fees.
3. Do I need to file a tax return?
Some situations do not require a person to file taxes. This link will take you to a form to determine if you do - www.irs.gov/help/ita/do-i-need-to-file-a-tax-return.
4. How long should I keep my tax records?
The IRS is allowed to look back three years if you are audited. However, in some instances, they can go back up to seven years. Keep all records you used to calculate your taxes.
5. When will I get my tax refund?
To check your refund status, you will need your Social Security number or ITIN, your filing status and your exact refund amount. The IRS provides the “Check my Refund Status” on their website - www.irs.gov/refunds.
If you have any more questions about filing your taxes this year, get in touch with the experts at Holyoak & Company. As the leading accounting firm in Lindon, Utah, we aim to add value to your business as a true business advisor, and not just your bookkeeper, by helping you lower your taxes, manage your cash flow, and maximize your business potential. To learn more about how we can help you, please click here or contact us by clicking here.