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October 15th is the due date for 6-month extension tax filers

Posted on October 5, 2018

The tax team at Teipen Selanders Poynter & Ayres reminds you that Oct. 15 is right around the corner — the last day to file for those who requested an automatic six-month extension for their 2017 tax returns.

If a payment is due on your form 1040, it should have been paid by April 17th; therefore, you may owe interest and penalties on the amount due on the return you are filing now.

If you need help assembling your required tax documents ahead of this due date, it’s not too late give us a call. We can work with you to contact the IRS and develop the best course of action for your situation.

Here are a few things extension filers should know:

  • If you did not request an extension by this year’s April 17 deadline, you should contact your CPA to file and pay as soon as possible. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty.
  • If you owe taxes but can’t pay your balance in full, contact your CPA to help set up a payment plan with the IRS. You want to pay as much as you can to reduce interest and penalties. You can also use the IRS Online Payment Agreement tool to apply for more time to pay or set up an installment agreement.
  • Consider using IRS Direct Pay a free, secure and easy way to pay taxes directly from a checking or savings account. You can also click on ‘Pay’ at gov.
  • There is no penalty for filing a late return for those who are due a refund. Of course, the sooner you file, the sooner you’ll receive your refund. Using Direct Deposit is the best and fastest way for taxpayers to get their tax refund electronically deposited for free into their financial account.
  • In the MilitaryMembers of the military and others serving in a combat zone get more time to file, courtesy of the IRS. Serving military taxpayers typically have until at least 180 days after they leave the combat zone to file returns and pay any taxes due.

How can we help you gain better footing with the IRS and last years’ taxes – or even prior years’ taxes? Letting unpaid tax bills languish does you no good. It’s always better to face the music and get a plan in place. TSPA can help.