The tax season is in full swing with 40 million personal income tax returns already filed and more than 100 million anticipated by the IRS. We recently interviewed our viewers and found that 43% of them had started filing their tax returns, while 57% said they had not started working again.
But this is not the year of procrastination. The tax legislation adopted in 2017 will probably ask you new questions. Nina Olson, the taxpayer's advocate with national taxpayers, told Yahoo Finance that the number of production errors made this year had increased by 200%.
To help you, Yahoo Finance will host a live Q & A session on Thursday, February 28th to allow viewers to call our group of accountants to ask questions.
We have already received hundreds of emails, but we will monitor our comments on Facebook throughout the event so you can ask your questions and get answers in real time.
Can not afford to pay your tax bill?
For those who have already filed, the results have not been excellent. Average repayments are down 16.7% and many are shocked to owe money to the IRS this year. The IRS urges taxpayers not to panic – it offers short- and long-term payment solutions for those who can not pay their full tax liability by April 15. Individual depositors and businesses can apply online and see if they are eligible. It's important to note that filing an extension does not mean that you do not have to Pay the taxes you owe before the deadline.
You could get tax relief and pay your tax bill for less than the total amount you owe – if you're really in trouble and paying the full amount would be financially difficult. This is what is called a compromise offer. But the IRS will only consider applications intended for those who are in good standing with the IRS and who have already filed the required tax returns.
Do you have tax issues? Send us an email email@example.com and log on to Facebook tomorrow.
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Jeanie Ahn is a journalist and senior producer at Yahoo Finance. It covers personal finances and women in business. Follow her on Twitter @ jeanie531.