McAlester News-Capital, McAlester, OK

Homepage

April 15, 2014

Tax Deadline!

5 Things to Know about Tax Day

The deadline for filing taxes is midnight Today, Tuesday, April 15, 2014.

Here are five things to consider as the deadline nears.

1. YOU MAY NOT FACE MUCH OF A DEADLINE

If you’re due a refund — and about three-quarters of filers typically are — the April 15 deadline is no big deal. Penalties for late filing apply only to people who owe money.

2. WHAT IF YOU JUST CAN’T GET IT DONE IN TIME?

The IRS allows taxpayers to file for extensions, giving them an additional six months. However, those who owe money must pay at least 90 percent of the total by midnight on the 15th to avoid a failure-to-pay penalty. 

3. IF YOU OWE, THE PRICE FOR FILING LATE CAN BE SUBSTANTIAL

The penalty for failing to file is generally about 5 percent of your unpaid tax bill for every month, or part of a month, you are late. It kicks in April 16. The maximum penalty is 25 percent of your original tax bill.

4. CHANCES OF GETTING AUDITED ARE LOWEST IN YEARS

Budget cuts and new responsibilities are straining the Internal Revenue Service’s ability to police tax returns. It will have fewer agents auditing returns than at any time since at least the 1980s.

5.  WHO IS MOST AT RISK FOR BEING AUDITED

Last year, the IRS audited less than 1 percent of all returns from individuals. Those groups getting the most attention were taxpayers who made the most money. People with incomes of $1 million or more were audited at a rate of 11 percent, and large corporations with assets over $10 million were audited at a rate of 16 percent.

1
Text Only | Photo Reprints
Local News
School lunch

Local Sports
Casey Fernandez 1

Southern Miss. senior and former McAlester High School golfer Casey Fernandez competes at the Fighting Irish Gridiron Classic at the University of Notre Dame in Indiana in September. Fernandez made it to the semifinals of the Oklahoma Golf Association’s State Amateur Championship on Wednesday in Owasso.

Features
Pet of the Week

This kitten, blind in one eye, is available for adoption at Renegar Animal Hospital, 1550 S. Main St. For more information on this and other animals available for adoption call 918-423-1960 or visit www.renegaranimalhospital.com.

State news
Area crime and courts
Poll

Do you agree with the Supreme Court's Hobby Lobby decision?

Yes
No
     View Results
NDN Video
LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB'
Featured Ads
AP Video
Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament Disabled Veterans Memorial Nearing Completion
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
SmugMug