Post office expects busy Tuesday with extended tax filing deadline
18 April, 2017, 00:58 | Author: Glen Fletcher
Taxpayers who are not ready to file by the deadline should request an extension of time to file, according to an IRS news release. Filing for a federal extension doesn't automatically extend state tax filing deadlines, so you'll also have to ask for a state extension as well. This will give you up to six more months, but you'll still need to pay any taxes owed by April 18. The form must be mailed to the IRS with a postmark on or before April 18.
If you don't have the money on hand to pay the taxes you owe, you can apply for a free 120-day extension to pay the bill. "Maybe tomorrow (April 18), we can look at the status of this investigation", he said. When mailing checks, carefully follow tax form instructions.
The Bureau of Internal Revenue (BIR) is encouraging online filing of income tax returns on Monday, the last day for filing, to avoid hefty penalties or tax evasion charges.
There are a variety of reasons people might need to file an extension, whether they don't have all their sources of income and expenses identified or they need assistance, Tim Speiss, partner at EisnerAmper Wealth Planning LLC, told FOX Business.
He continues: "We spend billions of hours, $10 billion on tax preparation, and people on a attractive April weekend, when you ought to be out playing golf or playing soccer, you're slaving over IRS forms".
No pre-registration is required, and payments can be scheduled up to 30 days in advance.
When will I get my refund if I file for an automatic extension?
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If you still need tax forms, the post office doesn't have them. "And not only is the message for the audience at large that they need to file their taxes, but we do have right now, on the table, $1 billion for about a million people in unclaimed refunds".
The process and requirements for filing for a state tax extension vary. Simply click which language you would like to hear it in.
This is a problem for more than individual taxpayers, as the dollars they don't claim in refunds are dollars they do not spend, could potentially stymie economic development and stimulus in their communities, Blau said. "And make sure you've got all your documents together".
Planning to mail in your tax return? The IRS also levies interest on unpaid taxes, now at a rate of 4%, compounded daily.
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Tillerson, on the other hand, stressed that the air strike had the limited aim of deterring further use of chemical weapons. On Friday, senior USA military officials were looking more closely at possible Russian involvement in the poison attack.