Tax Tip: Extension
The deadline to file your 2015 individual tax return is fast approaching. If you have not filed your tax return, you may need to consider filing an extension prior to April 18, 2016. An extension is a way to ask the Internal Revenue Service for an additional six months to prepare and file your tax return. However, an extension of time to file is not an extension of time to pay. Any tax due for 2015 still needs to be remitted to the IRS by April 18, 2016. Payments of tax made after April 18th are subject to penalties and interest. If you fail to file an extension and file your return after April 18, 2016, late filing penalties will apply if you owe tax.
If you have questions about extension or need assistance with your tax return preparation call the accountants at Ketel Thorstenson with offices in Rapid City, Custer, Spearfish, and Williston. We are here to help. We are your “Friends for Life.”