If you’re familiar with the stomach-churning realization that you owe the government a significant amount for taxes this year, you’re not alone. We’ve all been there at some point. But even if the amount you owe is intimidatingly large, take this piece of advice from an expert: Regardless of whether you have the money to pay the whole tax liability, always file your tax return on time. I can’t tell you how many clients I’ve helped who saw a hefty amount staring back at them and were too scared to file their return, putting it off for a later date. That’s understandable, but things will only snowball from there. If you don’t file your return by the due date, odds are you’ll forget about it, and the fees will start to pile up. The IRS will give you a 60-day window of opportunity after the April due date — or the October due date if an extension was obtained — to file your tax return with minimum penalties if you owe additional tax. After this grace period, the minimum penalty is either $210 or 100% of the unpaid tax, whichever is less. The failure to file penalty can be as high as 5% per month, up to a maximum of 25% for five months. Also keep in mind that interest accrues on both the tax owed and penalties assessed. If you’re owed a refund and don’t file, whether because you forgot or for some other reason, the outcome can be just as unfortunate. The statute of limitations for obtaining a refund begins running on the date that the tax return was due. If you never file, your refund is stuck in limbo, and after three years, the government will no longer let you claim it. For example, if you hadn’t filed returns since 2010 and decided to come clean this year and file all past returns, you would only be eligible to receive a refund for 2018, 2017, 2016, and 2015 if the tax returns were filed by April 15 of this year. If you waited until after April 15 to file all the returns, then refunds are only available for 2018, 2017, and 2016. Any refunds from 2010 through 2015 would be kept by the IRS. If you want to set up a payment plan, are behind on filing your returns, or need any other tax assistance, you can reach me at 262-752-6992. I’m always happy to help. FILE YOUR TAX RETURN NO MATTER WHAT FTR TAX TIP OF THE MONTH
ROASTED CORN SALSA
Corn is plentiful during the summer months, and this easy-to-make salsa is sure to be a hit at your next get-together.
1 large tomato, cored, seeded, and finely chopped 1/4 bunch cilantro leaves, sliced
2 medium ears of corn, shucked
1 jalapeño or Fresno chile, seeded and thinly sliced
• • •
Juice of 1 lime
1/2 red onion, diced
Kosher salt, to taste
4. Add jalapeño, onion, tomato, and cilantro. Mix to combine. 5. Top with lime juice and season with salt. 6. Serve alongside your favorite tortilla chips.
1. Heat a cast-iron skillet to high. Char corn, turning occasionally, for 10–14 minutes until kernels begin to blacken in spots. 2. Using a sharp knife, remove corn kernels from cobs and transfer to a large mixing bowl. 3. With a wooden spoon or potato masher, gently crush corn to release starch and juices.
Inspired by Bon Appétit magazine
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