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The tax deadline is usually every April 15, but the actual date can vary if that date falls on a weekend or holiday.
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Income Tax Return ( pdf) by the tax filing deadline. Simply fill out Tax Form 4868, Application for Automatic Extension of Time To File U.S. Let’s jump in and look at some important facts about filing a tax extension, the October 15th deadline, and any penalties and fees you may owe for failing to make timely payments or failure to file your tax return.įiling for an automatic 6-month extension to file your taxes is easy. The good news is that you will receive a refund if you overpay your taxes. In general, you may not owe late filing or late payment penalties if you send the IRS 90% of your actual tax obligation, but there may be outlying situations where this doesn’t apply. Otherwise you the IRS may charge you interest and penalties for late payment. If you filed an automatic tax extension form, it is best to pay estimated taxes on the balance you owe.
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You must pay any taxes owed on or before the April 15th deadline. Important: Tax extensions only apply to when you file your tax return. The extension allows you to file your return anytime between the April 15th deadline and October 15th. However, you can file for an automatic tax extension if you haven’t finished your return by the deadline. Using this time for a personal finance checkup can save yourself money and a headache later.Have you filed your tax return yet? Federal tax returns are due each year on April 15th. “It is also a good time to be thinking about financial planning” more broadly, Labant contends, including 401(k) contributions and portfolio diversification. “They may want to adjust those estimated tax payments for the remainder of the year,” Labant says. Now is also a good time for small businesses, which make estimated tax payments each quarter, to examine those estimates. "With these changes, it makes good sense on many different levels to check on your withholding and plan ahead for next tax season," said IRS Commissioner John Koskinen, according to an IRS press release. The IRS is suggesting that taxpayers take this time to review their withholding rates because of several changes that could slow the pace of refunds next year, including extra scrutiny to prevent identity theft. If you are working on your taxes now, you can also view it as a valuable opportunity. To determine your eligibility, check the IRS website at If you are a victim of a disaster but it is not covered under a federal disaster area, says Labant, “you may still request an extension of time to file if you have ‘good cause’ to file late. The IRS will determine whether your particular situation warrants an extension.” Those in federally declared disaster areas - such as those affected by Hurricane Hermine, the Lousiana flooding and the flooding and landslides in West Virginia - are usually eligible for extra extensions. Military members in combat zones generally are eligible for extensions up to 180 days after their last day in the combat zone. Some taxpayers are eligible for additional extensions. You may need some of the information on that return,” including your adjusted gross income. But, “make sure that you have a copy 2014 tax return handy. More Americans continue to switch from paper returns to e-filing, which is something Labant recommends.
#The deadline to file 2016 tax extension plus#
If you blow the deadline, consequences can include separate penalties for late filing and late payment plus interest, and they add up fast. “Don’t procrastinate,” says Melissa Labant, director of tax policy and advocacy at the American Institute of Certified Public Accountants, “It always takes longer than you anticipate to gather all your tax data, prepare your return and submit it.” 17 deadline for submitting returns for those granted extensions is approaching fast. It may not be April, but for about 13.5 million Americans, it’s tax season.