Requested a tax file extension this past April? File now.
Posted on October 4, 2017
As this year’s April 17th past tax filing deadline approached, millions of taxpayers requested an extra six months to file their taxes. If you were among those taxpayers who requested an extension, you already know you had to pay your taxes by April 17th.
You have until Monday October 16th 2017 (because the 15th falls on a Sunday) to file the tax paperwork, and that date is right around the corner.
Here’s what to know if you have yet to file:
- Be sure you file by Oct. 16. If you find that you actually owe more than the estimated taxes you paid in April, you should pay as much as possible to reduce interest and penalties. IRS Direct Pay allows individuals to securely pay from their checking or savings accounts.
- What if you can’t afford to pay up? Taxpayers may request an installment agreement with the IRS, allowing payment over time.
- There are exceptions for those serving in the military. Military members serving in a combat zone generally get more time to file. If this applies to you, you typically have until at least 180 days after you leave the combat zone to file returns and pay any taxes due.
- What if you live in a disaster area? The IRS gives those taxpayers living and/or working in a disaster area more time to file. Go to the IRS disaster relief page on gov for specifics.
- What if you are due a refund? The fastest way for taxpayers to get a refund on overpayment in April is to combine direct deposit and e-file. Ask your CPA for help.
Be sure to keep a copy of your tax return and all supporting documents for at least three years. That’s what we recommend for all our clients. In case the IRS has a question or concern about your filing, you will be able to provide the information needed.
Having a copy of your 2016 return will also make filing next year’s return easier. When you file your 2017 return, you will usually need the adjusted gross income amount from your 2016 return.