Tax Tips: Extension
The deadline to file your 2017 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 17, 2018. 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 2017 still needs to be remitted to the IRS by April 17, 2018. Payments of tax made after April 17th are subject to penalties and interest. If you fail to file an extension and file your return after April 17, 2018, late filing penalties will apply if you owe tax.
As always, check with the tax professionals at Ketel Thorstenson CPAs for these and other tax matters because each situation is different. Don’t navigate the difficult and ever changing tax codes and legislation on your own. KTLLP CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry.