Economy

IRS reminds taxpayers of April 18 tax-filing deadline

IRS reminds taxpayers of April 18 tax-filing deadline

Your tax pro is swamped right now and will surely appreciate having more time to finish and review your return when things are less hectic and stressful.

Another option for taxpayers is to pay electronically and get an extension of time to file.

Note, however: Filing an extension gives you more time to fil, but it doesn't give you more time to pay any taxes you owe.

When you seek a tax extension deadline, 2017 rules require you to first take a few preliminary steps.

If you have your return prepared by a tax professional and it hasn't been completed by now, do yourself and your preparer a favor and ask him or her to file an application for an automatic extension.

"People across the nation haven't filed tax returns to claim these refunds, and their window of opportunity is closing soon".

If you're one of the million people who've not claimed your federal tax refund from 2013, you better get to it.

So filing a 4868 form with payment, which can be done online, will keep you in the IRS' good graces for the time being. To do this, pay all or part of your estimated income taxes that are due. Extensions are free for everyone, regardless of income. "But then ... you may get something down the road if you leave it silent". Taxpayers must also pay interest on taxes not paid by the filing deadline.

North Korea displays submarine-based missiles for first time at military parade
Counteractions would occur "in such a merciless manner as not to allow the aggressors to survive", the army statement said. The isolated nation is celebrating the 105th birthday on Saturday of its first leader, Kim Il Sun.

The process and requirements for filing for a state tax extension vary.

USA citizens and resident aliens who live and work outside the US and Puerto Rico have until June 15, 2017, to file their 2016 returns and pay any taxes due.

Tax extension guidelines vary by state, though, so you should contact your local state tax authority to get instructions and details.

To avoid these, you'll need to estimate the 2016 tax you owe and submit a payment with the Form 4868. For many taxpayers, it's better to file an extension, especially if you need more time to do a thorough job preparing your tax return.

Six months is generally the longest amount of time allowed for an extension for filing taxes, though certain exemptions exist. Anyone not sure whether they need to file a return should see Do I Need to File a Tax Return or refer to Publication 17, Your Federal Income Tax for Individuals, on IRS.gov. You can file by logging onto the IRS Free File service, and most states also have this feature available on their websites. That's not just because of the risk of penalties on taxes owes, but also because of recent increases in tax fraud where someone steals your identity - and your tax refund - while you wait. But a tax extension doesn't grant you more time to pay what taxes you owe beyond the tax due date. Twenty of those Minnesota returns listed $1 million or more in adjusted gross income; as a group, those taxpayers paid $102,000 in tax penalties.

The maximum penalty for paying late is 25 percent of the total. The penalty for returns filed more than 60 days late can be $205 or 100 percent of the unpaid tax. You don't need a reason to file for an extension.

"You could negotiate penalties and interest, not usually the tax, but with a hardship you might be able to negotiate a tax settlement", Speiss said. Currently, this rate is 3 percent compounded daily. "Still, filing an extension will save them the larger failure-to-file penalty".


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