2022-09-08 17:15:25 • Filed to:
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The Internal Revenue Service IRS has started accepting and processing income tax returns for this year’s tax season. However, it is important to note that like every other tax season, accepting tax returns does not last forever, there are deadlines of tax returns. This year, the tax filing deadlines are April 17th 2018 which is on a Tuesday and October 15th 2018 for those that request for extension. The extra 2 days this year is due to the fact the normal deadline 15th of April falls on a Sunday and Emancipation day falls on Monday April 16th. Therefore tax payers have extra 2 days to file their taxes.
It is important to note that there may likely be some penalties for late tax return. However, IRS will always determine the penalties on a case by case basis. Calculating the exact penalties to pay may not be possible to calculate at this point since the IRS has the final say on penalties and interests.
However, tax return penalty will apply if you owe taxes and miss tax return deadline. In this case, the penalty will be 5% of the additional taxes owed amount for every month miss the return and this can go up to about 25%. Therefore if you miss tax return deadline by one day, the IRS will determine the appropriate penalty and interest based on certain situations.
The only way to avoid paying penalties is to file your tax return before the tax filing deadline. However, there are times when it may be impossible to meet up with the deadline due to circumstances beyond your control. In this case, it is advisable to request for an extension.
To file for an extension, you may need to download and fill out form 4868 from the IRS website. For people who are already aware that they are owing some tax, you can attach the extension to a written check and mail to the IRS. It is important to send the tax return extension form using a certified mail in order to have an evidence of the day you sent it and the day it was received by IRS.
If you want to fill out your tax forms online, then Wondershare PDFelement - PDF Editor is a good tax form filler solutions that helps you fill out all your tax forms very easily. With PDFelement, you can always share and print the completed forms for future reference. The good thing about PDFelement form filler tool is that it gives you the capability of signing your tax forms on the platform.
It does not pay to miss tax return deadline but the deadline of tax return will always remain. However, if you have genuine reason to be involved in late tax return, it is best to request for an extension. Whatever the case, it is best to avoid penalties by finishing your tax return.