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You filed for a tax extension. Now what?

On Behalf of | Apr 19, 2018 | Blog |

Taxpayers received a little extra time to file their taxes this year. The usual federal tax deadline is April 15th, however, due to the weekend and Emancipation Day, taxpayers received an extra two days to file this year. Additionally, the IRS website experienced multiple outages hours before the midnight filing deadline. Due to the issue, the IRS is giving taxpayers until midnight, April 18th, to file.

If you needed extra time to gather information and file your 2017 tax return then you may have filed for an extension. The IRS expected more than 13 million extension requests last year, so you are not alone if you did not meet the deadline. You can now avoid the failure-to-file penalty. You have taken the right measures to submit the appropriate forms, but that does not mean you are shielded from other types of penalties.

What to expect

If you filed Form 4868 to request an extension by midnight April 18, 2018, then you received an extension for six months. You will have until October 18, 2018 to complete your 2017 tax return. It is important to note that an extension to file is not an extension to pay.

To avoid fees, you will need to pay at least 90 percent of what you owe for your 2017 taxes. Then you will need to pay the remaining 2017 taxes by your extended due date in October. If you do not owe money on 2017 taxes, then you should not face any fees.

How much do I pay if I have not filed my taxes?

How can a taxpayer avoid late fees if they do not know how much to pay for their 2017 taxes? If you suspect that you owe 2017 taxes, then pay as much as you can, or you can get a payment agreement to send payments over time. It can be beneficial to contact a tax law attorney if you have questions.

A tax law attorney can answer your questions about when to file and how to avoid late fees. They can help you understand all of your options for paying down tax debt. If you have not filed your tax return due to complicated assets, then a tax law attorney may be especially helpful to take full advantage of tax deductions and credits while staying within legal compliance.