Independence TAX Service

04/16/2026

Tax Tip:

Interest Accrues on Top of Penalties: Interest compounds daily on unpaid taxes and penalties, based on the federal short-term rate plus 3%.

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04/15/2026

Tax Tip:

IRS Can File a Substitute Return for You: If you don't file, the IRS may file a "Substitute for Return" (SFR) on your behalf. This usually results in higher taxes because they do not apply for deductions or credits you might be entitled to.

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04/14/2026

Tax Tip:

Heavy Penalties Apply: If you don't file, the penalty is 5% of the unpaid taxes per month, up to 25% of the total, according to the IRS.

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04/13/2026

Tax Tip:

Extensions Apply to Filing, Not Paying: An extension gives you more time to submit paperwork, but not more time to pay. Taxes owed are technically due on April 15, and interest/late-payment penalties begin accruing after that date.

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04/06/2026

04/04/2026

Tax Tip:

File Electronically to Avoid More Errors: Filing online is faster and reduces mistakes that can lead to further delays, such as incorrect SSNs or missing forms.

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04/03/2026

Tax Tip:

Minimum Penalties for Very Late Returns: For returns due in 2026 that are more than 60 days late, the minimum late-filing penalty is $525 or 100% of the unpaid tax, whichever is less.

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04/01/2026

Tax Tip:

You Have 3 Years to Claim a Refund: If you are owed a refund, you must file within three years of the original due date to claim it. After three years, the money becomes property of the U.S. Treasury

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03/21/2026

25+ Years Of Experience In:

Federal Tax
State Tax
Self Employment Tax
Small Business Tax
Corporate Tax
Income Tax
Property Tax

02/21/2026

Tax Tip:

Retirement Savings Contributions Credit (Saver’s Credit)

You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. Also, you may be eligible for a credit for contributions to your Achieving a Better Life Experience (ABLE) account, if you’re the designated beneficiary.

You're eligible for the credit if you're:

Age 18 or older,
Not claimed as a dependent on another person’s return, and
Not a student.
You were a student if during any part of 5 calendar months of the tax year you:

Were enrolled as a full-time student at a school, or
Took a full-time, on-farm training course given by a school or a state, county, or local government agency.

A school includes technical, trade, and mechanical schools. It does not include on-the-job training courses, correspondence schools, or schools offering courses only through the Internet.

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02/13/2026

TAX TIP: Contributions Credit (Saver’s Credit)

Individuals may be eligible for the Retirement Savings Contributions Credit (Saver’s Credit) if they are age 18 or older, not claimed as a dependent, and not a student. The credit amount is 50%, 20%, or 10% of eligible retirement contributions, depending on adjusted gross income, with a maximum credit of $1,000 ($2,000 if married filing jointly). Rollover contributions are not eligible, and recent distributions may reduce the eligible contribution amount.

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