Furiously figuring your income taxes to beat this year’s tax filing deadline? If you’re still sorting receipts and penciling in numbers, it might be time to start thinking about an extension!
We say “might” because procrastinators still have the weekend plus two more days to wrap things up. The Internal Revenue Service will accept 2016 returns filed electronically or postmarked in the mail through the end of the day on Tuesday, April 18. (The extra time has to do with a holiday in Washington, D.C.)
If you still can’t make that deadline, it’s time to join the multitudes of taxpayers asking the Internal Revenue Service some extra days on Form 4868, named or “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” The extension generally is automatic. For a copy of the form, see https://www.irs.gov/pub/irs-pdf/f4868.pdf.
The extension is automatic in most cases and adds another six months to the normal deadline. The IRS won’t ask you why you need it. BUT – and it can be a big “but” – the IRS still expects you to estimate income and pay any taxes due by the normal deadline.
The clock is ticking with this. Whether you’re sending it electronically or by “snail mail,” the extension form and any payments must be recorded or postmarked by the end of the day on April 18 to avoid penalties. The IRS notes special deadline rules can apply if you are in the military and served in a combat zone of if you are living outside the United States.
Finally, don’t forget any state taxes you owe. In Minnesota, you don’t have to file an extension form. BUT – just as with the federal return – you must pay an estimate of taxes due to avoid penalties. Minnesota Department of Revenue accepts tax payments through its Web site.
We at EricJohn Ltd. wish you easy and accurate filings for your 2016 tax return!