As a nation over a quarter of us procrastinate when it comes to tax season, stalling until the last couple of weeks to prepare taxes before the deadline. For those who missed the April 17 Tax Day deadline altogether, here’s what you can still do.
If you requested an extension before Tax Day, it pushes the deadline back six months and allows for you to have additional time to finish your taxes. Since the deadline this year was April 17, 2018, the filing deadline will be pushed back until October 15, 2018. Note that the extension of time to file is not an extension of time to pay. Failure to pay and interest charges will still apply if you filed an extension and have an amount due on your 2017 taxes.
If you didn’t file for an extension in time, there is still a chance you will not be penalized.
Expecting a refund? You won’t be penalized. If you expecting a refund from the IRS, there is no need to panic, but get your late return in as soon as you possibly can. For taxpayers who are expecting a refund, there isn’t a penalty for not filing your taxes by the deadline and you do not need to ask for an extension! You will have until October 15, 2018 to submit your late return.
Owe payment to the IRS? File your return ASAP. Now, if you are filing a late return when you owe tax payments to the IRS, you will receive a late payment penalty plus interest on the amount that was due by Tax Day deadline. Even if you can’t pay immediately, if you submit your late return as soon as possible, you will able to set up a payment plan after filing to make sure that the amount due is received.
Millions of taxpayers pay off their tax bills through payment plans. To create a payment plan, you must apply online with IRS Online Payment Agreement or attach Form 9465, Installment Agreement Request to a mailed return.
Whether you have successfully turned your taxes on time or are late this year, planning ahead will allow for you to avoid the last minute crunch filing your 2018 taxes. Keep track and organize your expenses through this year!
If you would like assistance staying on top of your 2018 expenses, schedule an appointment with one of our accountants to ensure an easier time filing next year’s taxes.