Don’t Fail to File… Even if it’s Only an Extension

Next appointment April 21st graphicOur team is working seven days a week to prepare taxes and to respond to other accounting emergencies of our existing clients. The partners want to make sure that the team is busy, but not crazed, and are now scheduling meetings for prospective clients after April 20th.

Why April 21st or later? Because the normal deadline, April 15th falls on Saturday, there are holidays in various jurisdictions on Monday, the national tax deadline is April 18th, our office is closed April 19th, and the partners are already booked on April 20th! Whew!

We are happy to schedule an appointment for new clients, but it won’t be before the tax deadline day. If you’re looking for help in preparing your return, give us a call. But, also stay in the good graces of the IRS by submitting an extension request.

Cannot File Your Return — At Least File an Extension

If you haven’t prepared your return and cannot get appropriate help by the April 18th deadline, we strongly suggest that you file an extension with the IRS. The IRS heavily penalizes late filers, but you can get extension to file automatically if you ask for one by April 18th.

Download the Form 4868 from the IRS website, print it, fill it out, and mail it so it gets postmarked April 18th! You can also electronically file an extension request on IRS page in the link.

Filing an extension request will allow you until October 16, 2017 to submit your completed return. You are still required to pay any balance you owe the IRS by April 18th, so if you think you owe taxes make an estimate of what you should pay and send in a check with the extension form.

Whether you plan on getting professional tax help or do it yourself, file the automatic extension request today!

The penalty for not filing is nasty. If you file more than 60 days after the due date, the minimum penalty is $205, or if you owe less than $205, you’ll be penalized 100% of what you do owe.

The penalties for failing to pay by April 18th are not so bad, generally 0.5 percent of your unpaid taxes per month, up to a total of 25%.  That is a relatively small penalty, especially compared to the penalty for not filing!

Remember…
The IRS grants an automatic extension to file your tax forms, but the law requires that you pay what you owe by April 18.  So, if you think you may have to pay the IRS this year, enclose a check to cover your estimated shortfall with the extension form.

About Geoffrey

Geoff is the partner who leads Sterck Kulik O'Neill's administration and applied technology practices. He also works on tax, business development, and general accounting issues. He holds a Bachelor of Science degree in physics from Harvey Mudd College. Geoff's scientific methodology training aids him in helping clients use technology to meet their accounting and business development needs. He joined the firm in 1986.
This entry was posted in Taxes and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *