When it comes to taxes, most people think of April 15th as the most crucial date to know. It’s even marked on most standard U.S. calendars as Tax Day! While this is the date that all taxes are due, there’s also another date to remember. For those who have filed an automatic six-month extension for their taxes, October 15th is the most important date. October 15th is six months after the original date to file, so it’s the absolute last day to file without penalty for those who have an active automatic extension. Here are a few things to know about this all-important tax due date of October 15th.
How do you get a tax extension filed?
If you know your taxes won’t be ready to file by April 15th and the due date of October 15th is sounding much more feasible to you, you’ll need to file for a tax extension. Be sure to go through the extension filing process before April 15th so the IRS knows you’re going to be late at filing. Form 4868, available on the IRS website, needs to be filed with the IRS prior to the April 15th deadline. This form is called an automatic extension because as long as you turn this form in, filled out completely, the extension will automatically be granted. Your new due date for filing your taxes will be October 15th once you’ve successfully turned in this form.
Who needs to file taxes on October 15th?
The only people who should be concerned with the October 15th deadline for filing taxes is those who are on an automatic extension. If you haven’t turned in Form 4868 to the IRS, your deadline is still the traditional April 15th for your tax filing.
What if I’m still not ready to file by this date?
If you’ve filed your extension and October 15th is approaching fast but you’re just not ready, you may be subject to penalties. The IRS may charge monetary penalties or tack on fees to your balance if your taxes are filed past the extension due date.
However, there are a few exceptions. If you’re a military personnel who is serving overseas, the IRS will be open to another tax extension. If your local area has recently experienced a natural disaster, the IRS may also be able to give another tax filing extension.
It’s important to remember that a tax extension applies to the filing process, but not to the tax payment itself. If you feel you may owe taxes for the prior year, you will save on penalties and interest by sending in as much as you can afford to with your extensions. Penalties and interest are calculated going back to April 15th even if you file an extension.
Need some help sorting out your taxes in time for the deadline?
As an experienced NYC accountant, I can keep you on track and ensure your taxes are filed correctly and on time to avoid penalties. If you want it done right and done now, give 212 Tax & Accounting Services a call today!
