In most years, for most people, natural disasters play no part in filing their federal income tax returns. Nonetheless, 2017 was that rare year when natural disasters likely affected millions of tax filings. In August and September 2017, three powerful hurricanes in rapid succession struck U.S. territory: Hurricane Harvey created historic flooding in Texas, Hurricane…
Fortunately for you, federal tax-filing extensions are pretty much automatic. Unfortunately for you, if you are seeking an extension because you owe taxes but don’t have the money to pay at the moment, you are required to pay on time. This is the case even when you request an extension to file your return. If…
If you owe income taxes from your self-employment or because of your small business – be it a sole proprietorship, partnership, S-corp or some other small-business organization that files taxes on your individual return – you might find that your tax liability exceeds your ability to repay, or at least your ability to repay immediately….
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