Tax Filing Due Date is Right Around the Corner
The due date to file taxes is April 18th for Federal and Massachusetts tax filing. In fact, most states are posting April 18th as the tax filing due date. Just a reminder if you still have to file your 2016 tax return, April 18, 2017 is the due date. This tax filing deadline is so you can file your return or pay any taxes you owe. For those who are not done with your tax preparation, we suggest you file for the automatic six-month extension. Also, you can pay the tax you estimate to be due. The due date is normally April 15, but the 15th falls on a weekend and the next business day, April 17, is Emancipation Day, a legal holiday in Washington D.C., so the due date in 2017 is April 18.
Watch this short video to learn why filing an extension is a good option for your late tax return.
If you did not file yet, you still have time. Even if you are missing some tax return information it is best to have your return mostly prepared. Your accountant can quickly add the missing inforamtion when it becomes available. That way, you won’t get caught up in the last minute rush. And, you’ll be ready if a filing extension is necessary.
We suggest that even if you do not have all of your paperwork together, it makes sense to get your return mostly prepared as we face the upcoming tax filing deadline.
Tax Balance Due Payments
Tax year 2016 balance-due payments
Be careful when you file for an extension. An extention is NOT an extension to pay a balance due. The IRS will add late payment penalties and interest on the balance due. This includes returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.
Tax year 2016 contributions to a Roth or traditional IRA
April 18 is the last day contributions for 2016 can be made to either a Roth or traditional IRA, even if an extension is filed.
Individual estimated tax payments for the first quarter of 2017
Another caution: Taxpayers, especially those who have filed for an extension to file their 2016 return, must know that the first installment of the 2017 estimated taxes are due on April 18. So, you are a taxpayers on extension and you anticipate a refund? You can apply all or a portion of the refund toward this quarter’s payment on the final return when it is file on a later date. If the refund won’t be enough to fully cover the April 18 installment, you may need to make a payment with the April 18 voucher. Please call this office for any questions.
Individual refund claims for tax year 2013
The regular three-year statute of limitations expires on April 18 for the 2013 tax return. Thus, no refund will be granted for a 2013 original or amended return that is filed after April 18. Caution: The statute does not apply to balances due for unfiled 2013 returns.
Did you File Your Taxes Yet?
Your returns are not done yet? We welcome you to call Alex Franch, BS EA a call at 781.849.7200 for details. Alex Franch is an enrolled agent with the IRS. Call right away so that we can schedule an appointment and/or file an extension, if necessary. You are welcome to meet with someone from our tax team, or you may also book your appointment online.
If this office is holding up the completion of your returns because of missing information, please forward that information to us as quickly as possible so that we meet the April 18 deadline. Please keep in mind that the last week of tax season is very hectic. Unfortnately, waiting until the last minute, means your tax returns will miss the tax deadline. Do you expect that the tax information will not be available in time for the April 18 deadline? Let our office know right away. At the very least, we can prepare and file an extension request, and the 2017 Estimated Tax Vouchers if neccessary.
Oh, and we have an incentive for you. Drop off or mail your taxes to one of our three locations in locations in Quincy, Weymouth and Dedham an you will save $35 on your tax preparation click here for details and other incentives. Please note some exclusions may apply.