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The eNewsletter articles on this page provide valuable information on timely and interesting financial issues across a variety of subject areas, including retirement, investments, personal finance, annuities, insurance, taxes, college, and government benefits.


Due Date Approaches for 2018 Federal Income Tax Returns
Quiz: How Much Have You Thought About Health and Health-Care Costs in Retirement?
Four Reasons Your Parents Might Be in Financial Trouble
How can I get a tax break for child care?
How much does child care really cost?


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Due Date Approaches for 2018 Federal Income Tax Returns

Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2017 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else to prepare your tax return for you.

Don't procrastinate

The filing deadline for most individuals is Monday, April 15, 2019. Residents of Maine and Massachusetts have until April 17, 2019, to file their 2018 tax return because April 15, 2019, is Patriots' Day and April 16, 2019, is Emancipation Day.

Filing for an extension

If you don't think you're going to be able to file your federal income tax return by the due date, you can file for and obtain an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Filing this extension gives you an additional six months (to October 15, 2019) to file your federal income tax return. You can also file for an extension electronically — instructions on how to do so can be found in the Form 4868 instructions.

Filing for an automatic extension does not provide any additional time to pay your tax. When you file for an extension, you have to estimate the amount of tax you will owe and pay this amount by the April filing due date. If you don't pay the amount you've estimated, you may owe interest and penalties. In fact, if the IRS believes that your estimate was not reasonable, it may void your extension.

Note:  Special rules apply if you're living outside the country or serving in the military and on duty outside the United States. In these circumstances you are generally allowed an automatic two-month extension (to June 17, 2019) without filing Form 4868, though interest will be owed on any taxes due that are paid after the April filing due date. If you served in a combat zone or qualified hazardous duty area, you may be eligible for a longer extension of time to file.

What if you owe?

One of the biggest mistakes you can make is not filing your return because you owe money. If your return shows a balance due, file and pay the amount due in full by the due date if possible. If there's no way that you can pay what you owe, file the return and pay as much as you can afford. You'll owe interest and possibly penalties on the unpaid tax, but you'll limit the penalties assessed by filing your return on time, and you may be able to work with the IRS to pay the remaining balance (options can include paying the unpaid balance in installments).

Expecting a refund?

The IRS is stepping up efforts to combat identity theft and tax refund fraud. New, more aggressive filters that are intended to curtail fraudulent refunds may inadvertently delay some legitimate refund requests. In fact, the IRS is now required to hold refunds on all tax returns claiming the earned income tax credit or the refundable portion of the child tax credit until at least February 15.

Most filers, though, can expect a refund check to be issued within 21 days of the IRS receiving a return. However, delays may be possible due to the government shutdown.

 
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Contact Us

Reynolds Financial Group LLC

216 Chaucer Drive, Irwin PA, 15642

Phone: (724) 863-5005

Fax: (724) 863-8031


wendyl@reynoldsfinancialgroup.net
 

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No Rendering of Advice
Reynolds Financial Group, LLC is a Registered Investment Advisory Firm registered in the state of Pennsylvania. Reynolds Financial Group, LLC provides asset management and related services for clients nationally. Reynolds Financial Group, LLC will file and maintain all applicable licenses as required by the state securities regulators and/or the Securities and Exchange Commission ("SEC"), as applicable. Reynolds Financial Group, LLC renders individualized responses to persons in a particular state only after complying with the state's regulatory requirements, or pursuant to an applicable state exemption or exclusion.

This website is intended to provide general information about Reynolds Financial Group, LLC. It is not intended to offer investment advice. Information regarding investment products and services are provided solely to include information about our investment philosophy, our strategies and to be able to contact us for further information. Presentation of the information via the Internet is not intended to create, and receipt does not constitute, a client relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a professional accountant, attorney and/or financial advisor.

Any U.S. federal tax advice contained in this website is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. Clients should seek the advice of an accountant or Certified Public Accountant (CPA).

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While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this website is accurate, complete, reliable, current or error-free.

We assume no liability or responsibility for any errors or omissions in the content of this website or such other materials or communications.

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This website is provided on an "as is" and "as available" basis. Use of this website is at your own risk. We and our suppliers disclaim all warranties. Neither we nor our suppliers shall be liable for any damages of any kind with the use of this website.

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For your convenience, this website may contain hyperlinks to websites and servers maintained by third parties. We do not control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services and content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.

Charities Links: Although Reynolds Financial Group, LLC contributes to the support of the charities listed on this website, they are not affiliated with them.  Their listing does not constitute or imply their endorsement of Reynolds Financial Group, LLC or its services.

This communication is strictly intended for individuals residing in the state(s) of FL, MD, PA and VA. No offers may be made or accepted from any resident outside the specific states referenced.
 


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