Page 25 - ARUBA TODAY

BUSINESS Wednesday 17 april 2019
A25

Can’t file or pay taxes on time?

By SARAH SKIDMORE SELL If you owe money to the
Associated Press IRS but can’t afford to pay
Tax day is coming; but what it at the moment, there’s
if you can’t file — or pay — no need to panic, says Lisa
your taxes on time? Greene-Lewis, CPA and tax
The IRS said Friday that expert at TurboTax.
even with days to go until Contact the IRS to ask for
the deadline, about 50 mil- an installment agreement
lion taxpayers have yet to when you file your taxes. If
file their tax returns. If you you qualify, an installment
are among them, don’t de- agreement will allow you to
spair — there are options. set up a monthly payment
DON’T DELAY plan to pay your federal
If you don’t think you will be tax debt off over 6 years. If
able to complete and file you’re able to pay off your
your taxes on time, request balance within 120 days,
an extension. the installment plan won’t
Filing an extension helps cost you any additional
taxpayers avoid penalties fees. If you file an exten-
for a late return, according sion but you choose not to
to the IRS. You can seek an pay what you owe by the
extension through the IRS tax deadline, the IRS will
website, your tax prepara- charge you a failure-to-pay
tion professional or most tax This Feb. 13, 2019, file photo shows multiple forms printed from the Internal Revenue Service web penalty and interest on the
preparation software com- page that are used for 2018 U.S. taxes you owe them.
panies. While an extension Associated Press Contact the IRS to discuss
provides more time to file, it ter victims, those serving in eligible support personnel that mistakes can happen your payment options at
does not provide more time a combat zone and Ameri- serving in a combat zone when hurrying to file a tax 1-800-829-1040. The agen-
to pay any taxes owed. cans living abroad auto- have at least 180 days af- return. Errors can mean lon- cy may be able to provide
The deadline to file indi- matically get more time to ter they leave the combat ger processing times and other forms of relief to help
vidual tax returns and pay file. zone to file and pay. And possible tax refund delays. you settle your debts. In
taxes owed is April 15 for Check the IRS website for U.S. citizens who live and The best way to avoid com- some cases, the agency
most taxpayers. Because specific dates but victims work outside the U.S. and mon mistakes is to file elec- may be able to waive pen-
of area holidays, taxpayers of certain federally de- Puerto Rico have until June tronically. The IRS estimates alties. However, the agen-
who live in Maine or Massa- clared disasters — such 17 to meet their tax obliga- that about 70% of taxpay- cy is unable to waive inter-
chusetts have until April 17. as last year’s California tion. ers can file their tax return est charges which accrue
SPECIAL CASES wildfires, the Alaska earth- DON’T RUSH at no charge by using the on unpaid tax bills.
Anyone can request an quake or severe storms in While it’s important to heed IRS Free File software. It also Do not ignore the prob-
automatic tax-filing exten- several parts of the U.S. — deadlines, it’s also critical has electronic versions of its lem as failure to file or pay
sion, but some people get are allowed to file later and not to rush when you file forms online for those that federal taxes can lead
extra time without asking, avoid certain penalties. Mil- your taxes. do not qualify for Free File. to serious and expensive
according to the IRS. Disas- itary service members and The IRS reminds taxpayers PAY UP, EVENTUALLY consequences.q

Banks and tech companies lead US stocks to slight gains

By ALEX VEIGA rallied on upbeat econom- cline is due almost entirely
Associated Press ic data from China and to weaker profit margins.q
Stocks were higher on Wall Germany.
Street in midday trading KEEPING SCORE: The S&P
Tuesday, erasing the mar- 500 was up 0.1% as of noon
ket’s modest losses from a Eastern Time. The Dow
day earlier. Jones Industrial Average
Gains in financial and tech- gained 60 points, or 0.2%, to
nology stocks outweighed 26,445. The Nasdaq com-
losses elsewhere in the mar- posite added 0.3% and the
ket. Progressive climbed Russell 2000 index of small-
6.2% after its latest quar- cap stocks picked up 0.1%.
terly earnings topped ana- Stock indexes in Asia fin-
lysts’ forecasts. Chipmakers ished higher. European in-
were among the big gain- In this April 12, 2019, file photo trader Andrew Silverman, center, dexes were headed higher.
ers in the technology sec- works on the floor of the New York Stock Exchange. ALL ABOUT EARNINGS: In-
tor. Advanced Micro De- Associated Press vestors will be poring over
vices rose 2.5%. Investors are looking to the last week with mixed re- corporate earnings reports
Health care stocks lagged latest wave of corporate sults. Analysts expect the over the next few weeks.
the most as traders earnings reports for clues first-quarter results for S&P Analysts expect compa-
weighed quarterly earnings on the health of the global 500 companies overall to nies in the S&P 500 to re-
from Johnson & Johnson economy and the pros- be the weakest in nearly port a 2.9% drop in earn-
and UnitedHealth Group. pects for company profits three years. ings per share from a year
The results from both com- this year. Tuesday’s early rebound for earlier, which would be the
panies topped Wall Street Banks kicked off the latest U.S. stocks followed gains in first decline since the spring
forecasts. quarterly reporting season markets overseas, which of 2016. The expected de-