The deadline to file 2016 tax extension
(Or, do you? This year is different.) But there are other key dates that may affect your filing.įor example, Jan. Of course, you know the deadline to file taxes. Additionally, for all your burning money questions, check out Mic's credit, savings, career, investing and health care hubs for more information - that pays off.Half the grunt work involving taxes is knowing how much time you have to get certain tasks done.
#The deadline to file 2016 tax extension how to#
Sign up for The Payoff - your weekly crash course on how to live your best financial life. The government will take a check or payment by direct debit from a bank account, but direct debit is the way to go because the setup fees are lower.Ī payment plan may seem like a drag, but it's way better than letting fines mount because you were too scared to deal with Uncle Sam altogether. You'll have to pay what you owe in 72 monthly payments or less (that's six years!), and any subsequent refunds will be applied to that debt until it's paid. If your tax bill is under $50,000 and beyond your current means, you can sign up to pay in monthly installments by applying for a payment agreement online. If you file a tax return (on time!) and pay what you can, the IRS will work with you to pay your tax bill over a manageable amount of time.
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So, file your taxes, even if you can't pay them. The failure to pay penalty, on the other hand, is "generally 0.5% per month of your unpaid taxes." If your return is over 60 days late, there's also a minimum penalty for late filing it's the lesser of $205 or 100% of the tax owed, " according to the IRS. "The failure to file penalty is usually 5% of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. And here's an IRS secret (hidden not-so-secretly on the IRS website): The failure to file penalty is worse than the failure to pay penalty. If you don't pay your taxes on time, you'll owe a "failure to pay" penalty. If you owe money to the IRS and fail to file on time, you will have to pay a "failure to file" penalty. The temptation, if you are staring down a tax bill that is beyond what you can pay, might be to bail on filing altogether. Most states offer similar extension options, with tax filing deadlines in October and November. 16, to file your taxes with all documentation. Once you've put in your extension paperwork, you have six months, which this year is until Oct.
#The deadline to file 2016 tax extension free#
The IRS recommends these free online services to file the extension. You pay the government what you deem to be your total tax liability for 2016 based on the information you have. All you need to do is let the IRS know by filling out this form.īut how do you know how much to pay if you haven't got all your documents? You estimate. It doesn't even matter why you need an extension to file your taxes. Maybe you're waiting on a 1099 form for some freelance work you did, or perhaps you haven't been able to prepare your tax return because of a broken wrist. Here is how to get an extension and what to do if you can't pay your tax bill. If you owe the IRS money, not filing your taxes can result in several kinds of penalties, and you'll still be on the hook for the tax bill you owe, which will accrue interest until you pay. (And there is no penalty for filing your taxes late if the IRS owes you money.) After all, most Americans get refunds come tax day anyway. It's also not a bad option if you don't think you owe the IRS any money.
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But for people who are still trying to find documents and pull together their return, the extra time can be a saving grace.
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Getting an extension may be more hassle than it's worth, since you have to cough up the cash now anyway. While you have until mid-October to get all your paperwork in order and filed, you still need to pay any tax you owe on tax day, which is April 18 this year. OK, back to business: Note that we wrote "file" your taxes, not "pay" your taxes.