Lifestyle
Don’t want to file your tax return on April 15? Here’s what to do
The tax filing deadline is at all times April 15, but when life gets in the way in which, there is no need to panic.
If you are not in trouble yet, your taxes are due on April 15, which is just a couple of days away. As you almost certainly already know, preparing to file your tax return can take a whole lot of effort and time, which suggests getting it done will probably be an enormous relief for a lot of. However, when you are fighting time and are unsuccessful, chances are you’ll need other options.
Even though we settle our accounts yearly, loads can change in the course of the 12 months. Maybe you purchased or sold a house, got married, divorced or had a baby. Perhaps your income has increased significantly or you’ve began a business. Whatever it’s, life is coming to life and chances are you’ll just need a minute or two to catch up on your taxes.
So when you didn’t get all the pieces together in time to file your tax return on April 15, what are you able to do and what happens when you don’t file your tax return by April 15? First, the legality of all of it: taxes are still due on April 15. The only thing that changes is that if the fifteenth falls on a weekend or conflicts with a vacation; you then normally have until 5 p.m. Apart from these circumstances, since 1955 the filing deadline has been April 15, so one of the best thing you may do is get your taxes paid on time.
However, as mentioned earlier, life happens. So when you cannot file your tax return by April 15, here’s what you may do:
First, ignore the tendency to do nothing. So many individuals do this as a part of the IRS assessing billions in penalties for failing to file tax returns on time. This is something you may ignore or cope with when you’ve time. Failure to file anything could actually cost you extra money than chances are you’ll ultimately owe.
Instead of doing nothing, apply for an extension. You can fold IRS Form 4868, a free and penalty-free document that taxpayers can file with the IRS in the event that they need more time to file their individual federal tax returns. By filing for an automatic deadline extension, you will have a further six months – or until October 15 – to receive your tax return. However, the deadline to file Form 4868 stays the identical: tax day, April 15. If you let this deadline pass, so does your probability for an extension – and any returns filed after April 15 without Form 4868 will probably be considered late and can due to this fact incur a late filing penalty.
Bottom line: It’s higher to file for an extension than to file nothing and suffer penalties. Even as a financial expert who is incredibly aware of tax deadlines and potential liabilities, I filed Form 4868 myself. There was a 12 months once I moved and lost my W2; I needed time to settle in and eventually went to Taxpayer advocate service to obtain a replica of my earnings and tax certificate (yes – because I’m an adult). It may not have been fun, but I used to be able to file for the extension after which file an accurate tax return by October fifteenth.
Now that we have covered how to file an extension, please note the important caveat: an extension to file your tax return is an extension of the deadline to pay taxes owed. Some people think it’s higher to wait to file their tax return until they’ve the cash to pay the taxes they owe, but that is not the case.
Taxes can turn into real debt. Typically, interest accrues on unpaid taxes from the date the refund is due until the debt is paid off – and depending on how long it takes, that might mean a monetary amount. In fact, the interest you accrue may amount to greater than you owe initially. The late payment penalty is frequently half of 1% for every month or a part of a month of unpaid tax, up to 25 percent.
With that in mind, even when you’re not ready to file an actual return, when you discover you truly owe, try to pay as much as you may upfront.
So when you’re not ready to file your taxes on Monday, don’t panic; most taxpayers can digitally file Form 4868 to request an automatic six-month tax filing extension. And note: While you do not have to provide a reason for requesting an extension, if your request is denied, the IRS will contact you directly to let you recognize why.
Once you apply for an extension, chances are you’ll be relieved to know that you have bought yourself a couple of extra months, but use that point correctly and ensure to file your return before the October 15 deadline. If you miss this extension deadline, no additional options will probably be available and costs and penalties will immediately begin to accumulate.
Happy assembling!
Jennifer Streaks is a senior personal finance reporter and spokeswoman for Business Insider and a financial specialist at theGrio. A nationally recognized expert on money and inexpensive lifestyles, Jennifer is a renowned financial columnist whose columns have appeared on CNBC, Forbes, ABC, MSNBC, CBS and more.
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Post office won’t be ready to file your tax return on April 15? Here’s what to do appeared first on TheGrio.
Lifestyle
What is GiveTuesday? The annual day of giving is approaching
Since it began as a hashtag in 2012, Giving on Tuesdaythe Tuesday after Thanksgiving, became one of the largest collection days yr for non-profit organizations within the USA
GivingTuesday estimates that the GivingTuesday initiative will raise $3.1 billion for charities in 2022 and 2023.
This yr, GivingTuesday falls on December 3.
How did GivingTuesday start?
The hashtag #GivingTuesday began as a project of the 92nd Street Y in New York City in 2012 and have become an independent organization in 2020. It has grown right into a worldwide network of local organizations that promote giving of their communities, often on various dates which have local significance. like a vacation.
Today, the nonprofit organization GivingTuesday also brings together researchers working on topics related to on a regular basis giving. This too collects data from a big selection of sources comparable to payment processors, crowdfunding sites, worker transfer software and offering institutions donor really helpful fundstype of charity account.
What is the aim of GivingTuesday?
The hashtag has been began promote generosity and this nonprofit organization continues to advertise giving within the fullest sense of the word.
For nonprofits, the goal of GivingTuesday is to boost money and have interaction supporters. Many individuals are aware of the flood of email and mail appeals that coincide on the Tuesday after Thanksgiving. Essentially all major U.S. nonprofits will host fundraising campaigns, and plenty of smaller, local groups will participate as well.
Nonprofit organizations don’t have to be affiliated with GivingTuesday in any method to run a fundraising campaign. They can just do it, although GivingTuesday provides graphics and advice. In this manner, it stays a grassroots endeavor during which groups and donors participate as they please.
Was GivingTuesday a hit?
It will depend on the way you measure success, but it surely has definitely gone far beyond initial efforts to advertise giving on social media. The day has change into an everlasting and well-known event that focuses on charitable giving, volunteerism and civic participation within the U.S. and all over the world.
For years, GivingTuesday has been a serious fundraising goal for nonprofits, with many looking for to arrange pooled donations from major donors and leverage their network of supporters to contribute. This is the start year-end fundraising peakas nonprofits strive to fulfill their budget goals for next yr.
GivingTuesday giving in 2022 and 2023 totaled $3.1 billion, up from $2.7 billion in 2021. While that is loads to boost in a single day, the trend last yr was flat and with fewer donorswhich, in accordance with the organization, is a disturbing signal.
Lifestyle
BlaQue Community Cares is organizing a cash crowd for serious food
QNS reports that Queens, New York-based nonprofit BlaQue Community Cares is making an effort to assist raise awareness of Earnest Foods, an organic food market with the Cash Mob initiative.
The BlaQue Cash Mob program is a community-led event that goals to support local businesses, reminiscent of grocery stores in Jamaica, by encouraging shoppers to go to the shop and spend a certain quantity of cash, roughly $20. BlaQue founder Aleeia Abraham says cash drives are happening across New York City to extend support for local businesses. “I think it’s important to really encourage local shopping habits and strengthen the connections between residents and businesses and Black businesses, especially in Queens,” she said after hosting six events since 2021.
“We’ve been doing this for a while and we’ve found that it really helps the community discover new businesses that they may not have known existed.”
As a result, crowds increase sales and strengthen social bonds for independent businesses.
Earnest Foods opened in 2021 after recognizing the necessity for fresh produce in the world. As residents struggled to seek out fresh food, Abraham defines the shop as “an invaluable part of the southeast Queens community.” “There’s really nowhere to go in Queens, especially Black-owned businesses in Queens, to find something healthier to eat. We need to keep these businesses open,” she said.
“So someone just needs to make everyone aware that these companies exist and how to keep the dollars in our community. Organizing this cash crowd not only encourages people to buy, but also shows where our collective dollars stand, how it helps sustain businesses and directly serves and uplifts our community.”
The event will happen on November 24 from 2:00 p.m. to 4:00 p.m. at 123-01 Merrick Blvd in St. Albans. According to the shop’s co-owner, Earnest Flowers, he has partnered with several other Black-owned brands in the world to sell his products at the shop. Flowers is comfortable that his neighbors can come to his supermarket to purchase organic food and goods from local vendors like Celeste Sassine, owner of Sassy Sweet Vegan Treats.
At the grand opening three years ago which was visited by over 350 viewersSassine stated that the collaboration was “super, super, super exciting” to the purpose that the majority of the products were off the shelves inside hours.
Lifestyle
Keke Palmer Recalls the Key Advice Will Smith Gave Her as a Child: “It’s Hard to Be First”
Like many young people, actress Keke Palmer went through a phase wherein she clashed along with her parents. Recently in a performance at “Toast” podcast.Palmer revealed that fellow actor Will Smith helped her take care of the situation along with her family.
As a child star who has appeared on Nickelodeon and Disney productions, the “Akeelah and the Bee” actress explained how juggling fame has affected her and her family relationships — a lot in order that she admits she once considered emancipating herself from her parents.
Although her lawyer tried to get her into counseling, Palmer said it was Smith’s words that ultimately modified her mind.
“A couple of weeks go by, I’m on the set of ‘True Jackson, Vice President’ and I get a call from a very, very unknown number. And I said, “What? If it was strange, I would not answer,” she said, mentioning that she simply went back to work. Later, while retrieving her phone, Palmer received a voicemail from the “Fresh Prince of Bel-Air” star.
“Hey Keke. This is Will. We’re here filming ‘The Karate Kid’ with (my son) Jaden and I just want to let you understand that I’ve talked (to your lawyer),’ Palmer continued, impersonating Smith. “He let me know every little thing you are going through and I need you to know that sometimes it’s hard to be the first, but you may do it. Just stay focused, love your loved ones and every little thing shall be high-quality.
Palmer remembers struggling as a child with the attention and fame that got here with climbing the ladder in the entertainment industry. While trying to adjust to the demands of her burgeoning profession, the actress recalls feeling that fame meant she would have to “throw (her) family away.”
“It’s something that happens when you leave and you can become a child artist, you can be the first person in your family to go to college, or you can be the first person in your family to get married,” Palmer said: explaining her feelings at that moment. “There are so many firsts that can happen as the generations of your family grow and evolve.”
Ultimately deciding not to undergo the emancipation process, Palmer emphasized the importance of getting a healthy community when navigating the entertainment industry.
“I think I’ve always felt like a lot of people, whether they’re big names or whether they’re my lawyers, have been a good community,” she added. “Also, my parents made sure I was around (people) who would encourage community rather than discord and separation.”
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