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You are here: Home / Tax / Tax Extension Deadline Filing Tips

Tax Extension Deadline Filing Tips

October 5, 2017 By Katie Brewer

tax extension deadline
There’s another important date coming up if you filed a tax extension back in April. The October tax extension deadline is a couple weeks away. A tax extension allows you extra time to organize your information and file your taxes. Here are some tips to stay on the IRS’ good side if you find yourself scrambling before another deadline:

Know the Consequences

Missing the tax extension deadline could cost you big if you owe the IRS money. You’ll be paying a late filing penalty of 5% the tax you owe per month, or up to a total of 25%.

You’ll still be hit with a penalty if you underpaid your taxes and then filed the extension. However, it’ll be 0.5% of what you owe per month, instead of 5%.

Do whatever you can to get your taxes in by that deadline so you can avoid piling up penalties.

File on time (and online) by the Tax Extension Deadline    

Finally, there’s another reason to file on time. Filing past the tax extension deadline means you can’t file online. Therefore, you’d have to send your taxes in on paper.

Doing your taxes on paper leaves room for more errors, a longer delay in your taxes being received, and potential for your personal information to be lost in the mail.

Until the October deadline comes, you can still file online. See your options here.

Relief for Disaster Victims

You may be eligible for tax relief if you live in an area affected by hurricanes or other natural disasters. Therefore, the IRS may have granted you additional time to get your taxes in beyond the deadline if you filed an extension.

The same goes for anyone required to file quarterly payments. Check the IRS disaster relief page to see if you qualify.

Avoid Future Filing Lapses

Use this as a lesson to help avoid needing an extension next year. What caused you to consequently need more time? Sometimes things come up, you find that you’re missing important documents, or maybe you just waited too long.

Save yourself the headache of needing an extension next time. Take proactive steps so you can get your taxes filed in the spring. Read my tips here for hitting that deadline.

About Your Richest Life

Katie Brewer, CFP® and fee-only financial planner, believes everyone should have access to financial resources and coaching. Contact Katie today for more information and services offered. 

 

Filed Under: Tax Tagged With: file taxes, tax extension, tax extension deadline, tax filing

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Katie Brewer, CFP® is a Dallas, Fort Worth, and online fee-only financial planner with over 15 years of experience. Her passion is helping clients get their financial lives in order to start living their richest lives.

Your Richest Life is a Fee-Only financial advisory firm providing honest and independent financial advice. Our clients, the members of Generations X and Y, have a different relationship with money than their parents did.

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