Life is hectic! Sometimes April 15th, comes around way too soon and you need more time to get your tax information in order. Hopefully your tax accountant filed an extension for your personal taxes to give you just a little more time to file. If they filed a Form 4868 Extension Form for you, then you have 6 months or until October 15th in order to timely file your taxes.
Hi, My name is Maya Edwards and I’m the Senior Tax Accountant for Premier Group Services and today I want shake you a little bit if you haven’t yet filed your 2016 tax returns.
So here are some tax tips for the Extension Filers out there:
Don’t leave money on the table. Just because you are filing later doesn’t mean you should miss out on tax benefits or credits. Don’t overlook tax benefits. Make sure to check to see if you qualify for tax breaks that you might miss, if you rush to file.
Your state return is due at the same time
When we file your federal extension, the state also receives the same request for extension; so then the state return is due at the same time as your federal tax return.
Even if you owe, still file on Time.
If you owe taxes you may want to wait until you have the money to pay, this is one of the biggest mistakes that taxpayers make. I recommend that you go ahead file on time to avoid a late filing penalty. Even if you owe and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. You can also request an installment agreement to make monthly payments on your tax bill.
If you miss the October 15th deadline, you should still file as soon as possible. Don’t wait until next year.
The good news is that, even if you’ve miss the October 15 filing deadline, you can still submit your tax return. The IRS will not reject your return or deny you the opportunity to file. In fact, it’s in your best interest to file your return as quickly as you can, following the deadline. You will still be assessed late filing penalties but the quicker you file, the less you will be penalized.
Penalties and Interest for Filing a Late Return only matter if you owe
If your tax return involves a refund, you’ll probably have no worries when it comes to filing. You’ve basically given the federal government an interest free loan by not timely filing your return, so in exchange you are not charged any late filing penalties or fees. However, if you owe, the IRS will tack on penalties/interest onto your tax bill. You will pay 5% of whatever you owe for every month you don’t file after the tax filing deadline until you file. The IRS will also tack on an extra .5 % of the balance due for each month.
I look forward to hearing from you with any last minute filing questions or concerns. Give us a call to help you get your taxes filed by October 15th.
My name is Maya Edwards at Premier Group Services and can answer any questions about filing your tax return by late filing deadline.