It's the final day to file federal tax returns for 2017
- Author: Zachary Reyes Apr 17, 2018,
Apr 17, 2018, 20:03
Need some more time to get that 1040 filled out and signed?
Generally, the failure to file penalty is far greater than the failure to timely pay penalty.
Time is running out to file your taxes without being penalized. In 2016, taxpayers in the top tax bracket (income level) paid a tax rate of 39.6 percent, according to the Tax Policy Center; they included some 860,000, or 0.5 percent of the total number of USA households. But if you still have questions, you can also speak with a tax preparer to help you request an extension. One of the most common mistakes taxpayers make when rushing is gathering incorrect Social Security numbers for their children and spouses.
Some military personnel are automatically granted extensions.
Brokerage firms also may have issues in preparing their 1099s for clients.
"Then that allows them to have until Oct.16 to get everything taken care of".
The Richmond Main Post Office says customers who want to avoid missing Tuesday's deadline can still mail their returns or extension requests at any local branch.
Walker said her office has been in crunch mode the past few days, but you can still make the Tuesday deadline. You can schedule a payment in advance to pay your tax directly from your checking or savings account. "The changes are on a going forward basis, so it doesn't affect anyone's 2017 returns". The IRS anticipates receiving more than 11.6 million requests for extensions, pushing the income tax deadline out to October 15. The IRS tries to meet their audit targets by starting earlier in the year.
But filing for an extension can be an option if you're running behind, especially for some of those more complex cases.
Even if you've been making an adjusted gross income of less than $66,000 for years, you might not have known that, to the IRS, this means you should have to pay to file your taxes. "It's not an extension to pay, so if they owe the government they still need to write the check, but it does give them more time to get all the documents together". TurboTax adds that, for taxpayers expecting a refund, "there is no penalty for failing to file your tax return by the deadline, even if you don't ask for an extension". Your payments are still due by April 17.