If you have not filed your taxes, you are quickly running out of time. The deadline for all individual taxpayers who filed for an extension is Monday, October 16, 2017, since October 15, falls on a weekend. You must file and pay any balance due next week.
There are exceptions to the deadline of October 16, 2017:
- Some individuals -- such as members of the military serving in a combat zone -- are allowed more time to file. Typically, they have until 180 days after they leave the combat zone to both file their return and pay any taxes due.
- In addition, taxpayers who have a valid extension and are in or affected by a federally declared disaster area may be allowed more time to file. Currently, those impacted by Hurricanes Harvey, Irma and Maria qualify for this relief. See the disaster relief page on IRS.gov for details.
The Internal Revenue Service (IRS) recommends that taxpayers file their tax return electronically. The IRS says that e-File is "a faster and safer way of filing your taxes." Of the 145.3 million returns received by the IRS so far this year, approximately 87.5% were filed electronically.
If you are expecting a tax refund, consider the convenience of direct deposit. With direct deposit, the IRS can deposit your tax refund directly into as many as three accounts. Form 8888, allocation of refund, is the correct form for direct deposit.
If you expect to owe, don't let that deter you from filing on time: You should file a timely return even if you can't pay your full amount due. By doing so, the taxpayer will avoid the late-filing penalty. A reminder that penalties apply for both failure to file a return and failure to pay your tax which means that you can reduce your penalty burden by filing on time even if you can't pay. If you can't pay what you owe by October 16, consider these 3 options.
- Meet your tax obligation in monthly installments by applying for an online payment agreement
- Find out if you qualify for an offer in compromise -- a way to settle your tax debt for less than the full amount
- Request that we temporarily delay collection until your financial situation improves
If you're ready to pay what you owe, here's how to pay in full.
Start planning ahead for 2018
The IRS offers taxpayers a few steps they can take to ensure a smooth process for 2017 tax return.
- Keep a copy of your tax return. Your Adjusted Gross Income (AGI) amount will be needed to verify your identity if you use a software product.
- Check your withholding. If there is not enough tax being withheld or too much tax being withheld make changes to your withholding allowances on Form W-4. If you need additional help, use the IRS provided Withholding Calculator.
- Employers are required to file their copies of Forms W-2 and certain Forms 1099 with the federal government by Jan. 31, 2018.
If you need assistance with individual services, contact Lesley L. Price, CPA at (334) 887-7022 or by leaving us a message below.
