Monday, April 15, 2019 is "Tax Day," the deadline for filing individual tax returns to the Internal Revenue Service (IRS). Those affected are generally self-employed, retirees, investors and those who pay their taxes quarterly, but with recent changes to tax law, many others could be affected. The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017 and was part of President Donald Trump's claimed "biggest tax cuts and reform in American history." The April 15 deadline is the first time taxpayers will have to file under this new legislation. Do the Tax Cuts and Jobs Act law changes affect you? For the majority, yes. TCJA has changed the way tax is calculated for the majority of taxpayers, including those with substantial income not subject to withholding. The law changed: Tax rates and brackets; Business expense deductions; Increased the standard deduction; Removed personal exemptions; Increased the child tax credit; and Limited or discontinued other deductions. When do you need to submit your federal tax form? The first deadline to submit quarterly is April 15, 2019. The IRS recommends citizens use electronic filing to "avoid common mistakes and file the most accurate tax return." It also estimates that about "70% of taxpayers can file their tax return at no charge by using IRS Free File software." Some taxpayers will have a little extra time to file. Citizens of Maine and Massachusetts will have until 17 April to file, as the Patriots' Day holiday falls on April 15 in those states, and the IRS offices in Washington, D.C. are closed on April 16 due to Emancipation Day. Do you need an extension to file your federal tax form? The IRS recommends that people should file on April 15, regardless of whether they have the money to pay their tax or not. However, if someone needs an extension, they can apply in several ways: Individuals can e-file their extension form for free using Free File. Otherwise, they need to use Form 4868 - Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. A business will need Form 7004 - Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. A corporation will need Form 1138 - Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback. If someone is serving in a combat zone, a qualified hazardous duty area, or are living outside the U.S, special rules may apply. You can obtain an additional six-month extension, however, all forms will need to be prepared and filed on paper. This deadline is only for filing, not payment of taxes owed. When do you get your tax refund? Changes to the tax law could mean that many Americans will receive a smaller federal tax refund, or could even owe tax to the IRS. This could result in many Americans worrying, and question when they'll know what they need to do. According to the IRS, refunds are normally issued in less than 21 days. "People can use 'Where's My Refund?' to check on the status of their tax return within 24 hours after the IRS receives an e-filed return or four weeks after a mailed paper return," according to the IRS website. The IRS also warns that while it could be tempting to call the IRS tax help hotline, people should only do this: 21 days or more since their tax return was e-filed; Six weeks or more since their return was mailed; or when "Where's My Refund?" tells the taxpayer to contact the IRS. Should you withhold tax? Filers can use the IRS Withholding Calculator to determine whether the right amount is being withheld.<doc-sep>— There’s the fear factor. I've counseled a number of people who, suspecting that they owe taxes, don’t want to file. But if you've completed your tax return and realize you owe but can't pay, the worst thing to do is nothing. You may be fearful of what lies ahead, but if you don't do anything, eventually the IRS may track you down, and by then, the penalties and late fees will make your debt that much larger. The interest on unpaid tax debts compounds daily and is charged from the due date of the return until the date of payment in full.<doc-sep>Whether you owed the IRS more than you expected this year, have a tax refund to splurge with or are an overworked tax accountant, Tax Day on April 15 is to be celebrated. Restaurants and stores are happy to help you do just that by offering free treats, discounting certain menu items and running sales that coincide with Tax Day. Details and participation may vary by franchise, so be sure to ask if your nearest location is participating. Here are some of the stores hosting the best Tax Day deals: -- Applebee's -- Bruegger's Bagels -- Cicis -- Firehouse Subs -- Great American Cookies -- Grimaldi's Coal Brick-Oven Pizzeria -- Hot Dog on a Stick -- Noodles & Company -- Schlotzky's -- Elizabeth Arden -- Home Depot -- Hotwire -- Macy's -- Naturalizer -- Office Depot and OfficeMax -- Orbitz Read on for more information on each Tax Day discount. [See: 10 Big Ways to Boost Your Budget -- Without Skimping on Your Daily Latte.] Applebee's While not specifically in honor of Tax Day, this drink special is especially well timed for those struggling with their tax returns and those who want to celebrate the end of tax season. For the entire month of April, get the Strawberry Dollarita with a Twizzlers straw for just $1. Bruegger's Bagels Every year, the bagel chain offers a "Tax Relief" deal. This year, get the Big Bagel Bundle for $10.40 ($3.50 off the usual price) April 10 through April 15. The bundle includes 13 bagels and two tubs of cream cheese. Get this offer at Brueggers.com or by joining the Inner Circle rewards program. Cicis The adult buffet will cost just $4.15 per person on April 15, with purchase of a large drink. Find the coupon on the Cicis website. [See: 10 Expenses Destroying Your Budget.] Firehouse Subs April 15 through April 17, buy a full-price medium or large sub, chips and a drink and get a medium sub for free. The coupon is available here. Great American Cookies Stores will be giving away free original chocolate chip cookies (one per customer) on April 15. No purchase is required to get this freebie. Story continues Grimaldi's Coal Brick-Oven Pizzeria Traditional cheese pizzas will be priced at $10.40 all day on April 15. This offer will be available at locations nationwide while supplies last. The offer is not valid in New York, New Jersey or Connecticut. Hot Dog on a Stick On April 15, get one free original turkey or veggie dog. No purchase is necessary. Noodles & Company Members of the Noodles Rewards program will get $4 off online and mobile orders over $10 from April 10 to April 15. You must sign up for the rewards program, which is free to join, by April 9 to receive this offer. Schlotzky's Buy a medium drink and chips, and get a small The Original sandwich for free. [See: 20 Tips for Saving Money at the Grocery Store] Elizabeth Arden Make self care a priority after filing your taxes before the deadline and get a free seven-piece gift set when you place an order of more than $50 by April 15. Use promo code SPRING. Home Depot Put your refund toward a big-ticket purchase. Appliances are up to 35% off until April 17. Hotwire Get $15 off your Hot Rate hotel booking of $150 or more by using code TAXGETAWAY15. This promo runs April 11 to 16. Macy's If shoes are your splurge of choice for your refund, Macy's is offering 40% off with promo code GREAT when you buy two or more pairs of women's shoes before April 15. Naturalizer Make it easier to justify buying new shoes with your refund. Use code NAT2PAIR by April 15, and get 20% off when you buy two pairs. Office Depot and OfficeMax Stores will be providing free Workonomy shredding services for up to 5 pounds of paper through April 27. You'll need to present this coupon. Most individuals need to keep only three years of tax returns, according to IRS recommendations, so celebrate Tax Day by ridding your home of clutter. Orbitz The travel retailer will be refunding taxes paid on bookings made April 15. Head to orbitz.com/taxday, which goes live when the promo begins, and sign up for the Orbitz Rewards program. Book a standalone hotel or vacation package, and Orbitz will "refund" any taxes paid on your booking in the form of Orbucks, which is a rewards currency that can be used for future travel, within 48 hours. Companies and products mentioned in this article may be promoted on www.offers.com. More From US News & World Report<doc-sep>The 2019 tax season is drawing to a close, and you're probably happy you can forget about taxes again for a whole year. But if you do that, you could be making next year's tax season more difficult for yourself. You may file a tax return only once a year, but taxes affect you year-round. By understanding this and beginning to prepare for this year's taxes now, you can make the 2020 tax season a much smoother ride. Here are four steps you should take now to get ready. Decide whether to adjust your tax withholding If you work for an employer, the government takes a cut of your earnings from each paycheck. The amount it takes depends on how much you earn and how many tax allowances you've claimed. The more allowances you claim, the less money the government will take from each paycheck. Usually, single adults will claim one or two allowances, while working parents may claim more. If you claim more allowances, your paychecks will be larger, but your tax refund check could be smaller because the amount you pay in throughout the year is closer to your actual tax liability. You don't want to claim more allowances than you should, or else you could owe taxes at the end of the year. Look at your 2018 tax refund check. If it was several thousand dollars, that could be an indication that you're not claiming enough allowances. Use the IRS Withholding Calculator if you're not sure how many allowances you should be claiming, and check with your company's HR department if you're not sure how many allowances you're claiming now. You chose your allowances on the W-4 form you filled out when you started your job, but you can change it at any time by submitting a new W-4 form to your employer. Set up a system to keep track of deductible expenses This mostly applies to self-employed individuals, who may need to deduct travel, office expenses, and other business-related costs on their taxes. But there are other deductions that anyone can qualify for, like medical expenses that exceed more than 10% of your adjusted gross income (AGI) -- your income minus certain tax deductions -- for 2019 or charitable contributions you made to a church, volunteer fire department, or nonprofit organization. The catch is, you can only claim these deductions if you have the paperwork to back them up. You don't have to submit this with your taxes, but you have to present it if you get audited or the government could disallow your deductions. Keep a folder with your receipts and all paperwork related to your tax deductions so you have them all in one place when you file your taxes next year. If you don't like the idea of paperwork cluttering your house, consider scanning all your receipts and tax documents into your computer so you have digital copies instead. Just be sure to back them up so you don't lose them. Plan for estimated taxes if you're self-employed Self-employed workers must pay estimated taxes quarterly, since they do not have regular paychecks that the government can withhold taxes from. Failure to pay estimated quarterly taxes could result in a penalty. If you were self-employed in 2018, your 2018 tax return should indicate how much you should pay in each quarter based on your 2018 earnings, but you may need to set aside more or less if you expect your earnings to be higher or lower in 2019. If you pay at least the amount suggested on your 2018 tax return, you won't be hit with a penalty, even if you earn significantly more this year. You can pay in less, but you should aim to pay at least 90% of what you believe you'll owe at year's end. If you owe more than $1,000 or 10% of your tax liability at the end of the year, the IRS will charge you a penalty. You can figure out how much this will be by filling out IRS Form 2210. The estimated tax deadlines are usually the 15th of April, June, September, and January of the next year, unless one of those days falls on a weekend, in which case the deadline is extended until the next weekday. For 2019-2020, the deadlines are: April 15, 2019 June 17, 2019 Sept. 16, 2019 Jan. 15, 2020 Make a note of these dates and set yourself a reminder on your phone or calendar so you remember to pay your quarterly taxes on time. Familiarize yourself with the latest changes to the tax laws Every year, the government tinkers with the tax laws a little. The tax brackets often change slightly, as do the value and qualifications required for some tax deductions and credits. You don't need to understand every single rule, but it's good to familiarize yourself with the key changes that could affect you in the coming year. For example, if you're now on the bubble between two tax brackets, you may want to contribute more to tax-deferred retirement savings or make some charitable contributions so that you stay within the lower tax bracket. This ensures you'll lose a smaller percentage of your income to the government. Here's a brief guide to the most important 2019 tax changes so you can be prepared. Taxes will never be enjoyable, but with a little planning, they can be a lot easier. By taking these steps today, you'll be able to avoid any unpleasant surprises when you file your taxes in 2020.<doc-sep>
Tax day is less than a week away. Most taxpayers have until April 15 to file their federal and state returns. Maine and Massachusetts residents get an extra two days until April 17 due to local holidays. If you haven't filed yet and are feeling pressed for time, you may want to consider getting an extension. It's important to file on time or get an extension so you don't get hit with a late-filing and/or late-payment fee. The IRS doesn't care what your reason is – lost documents, a family emergency or simple procrastination – you'll get six months more time with an extension. The process is straightforward - and easier to do than completing your actual returns. Here's how to get the extra time you need. More tax headaches:Another tax headache ahead: IRS is changing paycheck withholdings and it'll be a doozy April deals: Your monthly guide to food specials, meal deals and more Extension needed You can e-file an extension for free using any of the Free File software offered by the major tax preparation companies. These often help you estimate your tax due so you can make a payment. You can also print out Form 4868 and send it to the IRS address for your state by April 15. What about my tax refund? If you expect a refund, you won't get it until after you file your tax returns and the IRS processes that return. Don't forget to pay the IRS You still need to pay what you owe by April 15, even if you file for an extension. If you underestimate what you owe, you may end up paying interest on what you don’t pay by the deadline. If you pay less than 90 percent of the tax you owe, you’ll be charged a penalty of 0.5 percent of the underpayment every month until you pay the balance. State extension Each state has its own tax-filing extension rules. Check your state's tax authority website for more information. If you’re abroad You automatically get two extra months until June 15 to file your federal tax returns without submitting an IRS extension request for if you’re a U.S. citizen or resident alien and you live and work outside the U.S. and Puerto Rico. This also applies to military members serving outside the U.S. and Puerto Rico. When you do file your return, include a statement that explains why you qualified for the later deadline. If you can't file by the automatic two-month extension date, you can file a Form 4868 to request an additional extension to Oct. 15. You have until June 15 to file this form.