Tax Filing Deadline Rapidly Approaching

Tax Filing DeadlineThe tax filing deadline is in one week away. This is just a reminder to those who have not yet filed their 2014 tax return. The due date is April 15, 2015. This means you need to either:

  1. File your return and pay any taxes owed, or
  2. File for the automatic six-month extension and pay the tax you estimate to be due.

In addition, the April 15, 2015 tax filing deadline also applies to the following:

  • Tax year 2014 balance-due payments – Taxpayers that are filing extensions are cautioned that filing an extension is only that – an extension to file. It is NOT an extension to pay a balance due. Late payment penalties and interest will be assessed on any balance due. This is true even for returns on extension. Taxpayers expecting to owe money, should estimate the balance due and include the payment with the extension request.
  • Tax year 2014 contributions to a Roth or traditional IRA – April 15 is the last day contributions for 2014 can be made to either a Roth or traditional IRA. This is true regardless if an extension is filed.
  • Individual estimated tax payments for the first quarter of 2015 – Taxpayers, especially those who have filed for an extension, should note that the first installment of the 2015 estimated taxes are due on April 15. If you are on extension and anticipate a refund, all or a portion of the refund can be allocated to this quarter’s payment on the final return when it is filed at a later date. If the refund won’t be enough to fully cover the April 15 installment, you may need to make a payment with the April 15 voucher. Please call this office for any questions at 781-849-7200.
  • Individual refund claims for tax year 2011 – The regular three-year statute of limitations expires on April 15 for the 2011 tax return. That means that NO refund will be granted for a 2011 original nor amended return that is filed after April 15th.

Caution: The statute does not apply to balances due for unfiled 2011 returns.

If one of our locations is holding up the completion of your returns because of missing information, please forward that information to us as quickly as possible. This is in order to meet the tax filing deadline of April 15 deadline. Please keep in mind that the last week of tax season is very hectic. Your returns may not be completed if you wait until the last minute. If you have reason to believe the information will not be available in time for the April 15 deadline, then call us right away. This is so an extension request can be prepared, as well as any necessary 2015 estimated tax vouchers that may need to be filed.

Tax Filing Deadline? Whose responsibility is it to file?

Of course, we will do all we can to assist you. However, the IRS and the Commonwealth of Massachusetts holds the taxpayer responsible to have all the information available and ready to file the tax return. If the tax filing deadline cannot be met, and the taxes forms cannot be ready in time, it is the taxpayers responsibility to contact your tax preparer and request that an extension be filed. Also the taxpayer is responsible to submit a check for the estimated payment.

If your returns have not yet been completed or you are not ready for the tax filing deadline, please call our office at 781-849-7200 right away so that we can schedule an appointment and/or file an extension if necessary.

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