Did you owe tax instead of receiving a refund on your 2017 tax return?

If your 2017 tax return showed that you owed tax, you may need to make some changes in 2018 to ensure you won't owe again next year.

If you are an employee, you can have more taxes withheld from your salary. Do this by filing a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer.

If you have income that is not subject to withholding (such as dividends, interest, or earnings from your business), you may need to make estimated tax payments in 2018. As long as your 2018 estimated tax payments equal at least 100% of the tax shown on your 2017 tax return, you will avoid an underpayment penalty in 2018. If on your 2017 tax return you owed less than $1,000, you are not obligated to make estimated tax payments in 2018.

If you can't pay the 2017 taxes owed, you can file Form 9465, Installment Agreement Request, to set up installment payments with the IRS and pay the tax due in installments for up to 72 months.

TAX DEADLINE APPROACHING. NEED TO FILE AN EXTENSION?

If you need more time to file your return, you can get an automatic six-month extension of time to file from the IRS.

To get an extension, file form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Your extension must be postmarked by the April 17th deadline.

An extension will give you extra time to get your paperwork to the IRS, and you avoid late-filing penalties by filing an extension. But it does not extend the time you have to pay any tax due. You still must pay your tax by the April 17th deadline, or you will owe interest on any amount not paid by the deadline, plus you may owe late payment penalties.

Time is Running Out to Claim a Refund on 2014 Tax Returns

The Internal Revenue Service is reminding an estimated one million taxpayers that time is running out to file a 2014 tax return and claim refunds totaling more than $1 billion.

The law provides most taxpayers with a limited window of opportunity for claiming a tax refund. If they do not file a tax return within three years to claim a refund, the money becomes the property of the U.S. Treasury.

To claim a refund due, taxpayers must file their 2014 federal tax return by April 17, 2018. There is no penalty for filing a late return for those receiving refunds. Taxpayers who are unable to get Forms W-2, 1098, 1099 or 5498 for 2014 should order a wage and income transcript from the IRS.

By failing to file a tax return, people stand to lose more than just their refund. Many low- and moderate-income workers may also be eligible for the Earned Income Tax Credit (EITC).