Art & Money Matter’s Mondays: Today’s message is inspired by friends and colleagues who frantically called and texted the past few days because they missed the April 15th federal tax return filing due date and also missed the October 15th extension deadline.”OMG, what do I do now?”.
The answer is not so simple as each person’s situation is different. What is clear is that the rules differ whether you should expect a tax refund or you owe taxes? And you can’t determine that unless you actually fill out the Individual Federal and State Income Tax Return forms. So first and foremost….Set up an appointment with your tax advisor this week, file your federal and state tax returns ASAP, and pay any taxes owed!
Once the IRS has received or accepted your return, they’ll figure your penalties (plus possible interest) and then send you a separate bill. There is a penalty for not filing your tax return and a separate penalty for not paying the taxes owed. Here are 8 more things to know about late filing and late paying penalties:
My mission with this blog is to help artists and creatives feel empowered around numbers and finances. Please share your feedback and reflections in the Leave A Comment section and click Follow to have weekly posts emailed directly to you.
Your fellow Creative Entrepreneur,
Tricia M. Taitt