Income Tax Extensions – Don’t Panic! 4 Things You Need to Know Before You File

It’s that time of year, only four days left before income tax returns are due. When you think about that do you get nervous?  Did you already file your taxes?  Good for you!  Believe it or not there are people out there right now in full panic mode looking at a pile of papers they think have something to do with taxes.

Receipts, an old hotel confirmation and a slip of paper from when they dropped stuff off at the Goodwill.  They’re scratching their head and wondering how long it will take to go out and buy some tax software or if they should pop down to the place next to the nail salon and sit with one of those folks.

Maybe you like to wait until the last possible moment and we see you on the news dropping your return at the post office at 11:59.

Perhaps you just realized you haven’t even started your tax preparation, looked at the calendar, tomorrow is the 15th and your heart just sank.  Fear. Panic…

 

CAN I GET EXTRA TIME TO FILE MY TAXES?!?!

Sure can!

Before you sit back and procrastinate some more, there are some important things to be aware of when you consider filing for an income tax extension:

1. You get an automatic extra six months to file your income tax return. Yes, you will now have until October to get things settled. If you need help we know someone who’s good at taxes, by the way 😉
2. You have to submit the request for extension before midnight on April 18th, 2017. (Yes, you get three extra days this year.) Use this form.  Don’t just assume you get extra time because you decided to file later.
3. This DOES NOT give you extra time to pay! If you want an extension to save up what you owe, you’re going to owe more.  Your taxes are due on April 18 this year, even though you have longer to file the return. If you owe, penalties and interest start being added right away. If you are due a refund, there is no interest added back to you, so there really is no reason to keep putting it off.
4. Don’t forget your state income tax! Every state has different requirements and deadlines. Make sure you know what applies to you.

 

If you need help filing for an extension or are wondering what to do if you are indeed running through the house screaming about tax day, relax.  We can help you there.

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