When is the 2017 tax extension deadline?

The tax extension deadline for 2017 is April 18th, the same day tax returns are due. However there are some good reasons to file an extension and some not so good reasons. First, if you are planning to file an extension to buy yourself more time to pay the IRS, – you need for a new plan. If the IRS finds you owe them money they’ll start charging interest from the date taxes were due in April. Although there are times when it’s not possible to file on time and/or it makes sense to request an extension. Here are a few of examples of times when you may want to request more time to file your taxes.

Your tax documents are incomplete.

The IRS will never deny a request for an extension. Therefore if you think you might be missing information that is important to your filing, it may make sense to wait. For example, it would be best to wait if you you can’t find (or didn’t receive) a W-2 from your employer. It would also be wise to request an extension if you are awaiting documents showing charitable contributions and/or losses that could offset your income.

You have an emergency.

Even if you had plans to file your taxes by the April 18th deadline, life happens. Major life events can delay your filing and that’s ok. If you are faced with a hospitalization, family illness and/or death or are just away on vacation – request an extension. The IRS won’t mind as long as they get any money that they are owed.

You need more time to make changes to investments.

Changes to investments, such as a Roth IRA and/or  some retirement plans, can have a major effect on your tax responsibility. If you have investments that may impact your tax filing you may want to request an extension.

Remember you must request an extension by the tax extension deadline of April 18th 2017! If you need assistance with requesting an extension please contact one of our highly qualified tax professionals today!