If you requested an extension to file your 2017 taxes, your new deadline to file is this month – October 15 to be precise. Not only is this deadline important to meet to avoid a penalty, but it is also the last chance you have to file your return electronically. After that, you’ll need to file a paper return. Here are a few other things you should be aware of regarding getting your tax return filed.
- Late Tax Filing Penalty – Even if you do not owe any tax, you will still face a penalty for filing late if you go past the October 15 filing date. Of course, if you do owe taxes, you’ll pay a penalty for paying late, as well. The penalties add up quickly, not to mention the interest that accrues on top of them.
- You Could Lose Your Refund – It may seem unfathomable that anyone would neglect to file their taxes if they had a refund coming, but it does happen. However, you don’t have a long time to figure out your mistake. You have three years from the original deadline without extensions to file your tax return or you forfeit any refund you were entitled to.
- File Even If You Can’t Pay – The late tax filing fee and the failure-to-pay penalties are calculated separately, so you can at least prevent the filing fee even if you can’t include your payment. When filing, you can request a payment plan if you qualify by submitting the appropriate installment agreement paperwork.
Here at Cathy E. Parker, E.A. Bookkeeping & Tax Service, we want to help you get your 2017 tax reporting out of the way. Our goal is to assist you with filing an accurate return that gets you the most allowable deductions and credits you deserve. We can help resolve past years’ issues or complete paperwork to set up a payment plan with the IRS. Call today to learn more.