Watch out for tax scams ahead of April deadline

Tax Deadline April 17th

But this year you have two extra days to file. For the 2015 tax filing year, the IRS indicated that only 802 people had included cryptocurrency gains or losses in their tax filings.

Free File Alliance is a nonprofit coalition that provides free electronic tax services for people with an adjusted gross income of $66,000 or less, between the ages of 17-50, active duty military, or qualify for the Earned Income Tax Credit.

Believe it or not, the process of filing an extension on your taxes is probably a lot more painless than you think.

"You still need to get an extension because if you don't and don't pay, the penalty is around 5 percent a month versus if you file the extension and pay later it is a half percent per month so that is a big difference", said Smith. Freelancers or other gig-economy workers still waiting on a 1099 could be in the same boat. "This penalty is larger than for not paying any balance due", advised Gil Charney, director at The Tax Institute at H&R Block.

More news: Kerala: Newborn baby girl flushed down the toilet, plumbers stumble upon body

The feds say Davis and Felder-Ruiz filed the inflated returns to generate more business for Get Organized, and thus enrich themselves.

Per the IRS, there are more than 90,000 volunteers around the country, who can help you correctly complete your return.

The most popular planned use of tax refunds, coming in at 43%, is adding the money to their savings. If your income is above that, multiply what you paid past year by 1.1 (to get to 110%). This year it was pushed to Tuesday, April 17, because Washington, D.C., is celebrating its emancipation holiday on Monday.

To find out how much you have to pay, you can use the payment estimator provided by the IRS on their website.

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