Haven’t filed your tax return for 2016 yet? Well now is the time to do it, especially if you filed for an extension. The tax extension deadline is October 16th. That means taxpayers who filed for an extension in April have until October 16th, to file their 2016 tax return. The extension gave taxpayers an additional six months to file their actual return, but taxpayers were still required to pay the taxes they owed back in April. Even if you didn’t file for an extension,you should file your tax return now.
Not filing a tax return can be considered criminal tax evasion. It’s best to file your tax return as soon as you can, otherwise you can face penalties and interest.
Along with filing your tax return, you should make sure you pay all taxes owed. Even if you filed for an extension, your taxes or at least an estimate were still due in April. The IRS grants an extension for filing, but does not grant one for paying your taxes. If you expect to owe, the IRS expects you to pay at least an estimated amount in April. If you have not already paid, do so immediately. It is likely you already have accrued interest and some penalties on top of your taxes.
If you haven’t filed yet, you can either file online or file by using a physical paper return. If you think you will get a refund for 2016 and you filed online, your refund will take about 7 to 21 days to deposit into your bank account. But if you use a paper return, it could take anywhere from 8 to 12 weeks. So if you want your money quicker, it’s best to file online. If you miss the October deadline, you will have to file a paper return.
If you need help filing your tax return, Polston Tax has a team of CPAs and tax preparers who can help! Not only can Polston Tax help you file your tax return, we can also help you get penalties abated if you forgot to pay in April. The Polston Tax Team can answer any questions you might have and ensure that you are getting the maximum deductions allowed for your situation. Call us today at 405-801-2146 or visit us online at PolstonTax.com to schedule a free consultation.
Additional Readings
Getting a notice that you’re facing an IRS audit can be unnerving, to say the least. Last year, 3.8 of every thousand tax returns were audited. An IRS audit is something no one wants to face, but it’s always a possibility. Even if you’ve followed every rule for filing your taxes and think you have accurate returns,...
We have compiled this comprehensive guide to help businesses understand their obligations related to sales tax in the state of Kansas. The guide covers various topics, including what items are subject to sales tax, how to register and file sales tax, and how to collect and remit sales tax. In addition to providing information on...
We’re in an era in which more small businesses are launching like wildfire. Recent studies showed that 17 million new small businesses were expected to launch in a single year. Small businesses are the backbone of the economy. But they’re often more tumultuous, have fewer resources, and are run by less experienced professionals. If you...
April 18 is fast approaching. That’s the official deadline for filing your 2022 federal tax return. As you gather your documents and assemble your information, it’s important to know about recent changes that have occurred. This year, the Internal Revenue Service (IRS) adjusted many of its 2023 tax rules. While you’ll still follow 2022 rules to...
Sales tax is paid to a local or state governing body for the sale of certain services and goods. In Oklahoma, the state sales tax is 4.5%, which is charged on sales of certain services and tangible personal property. Along with the state sales tax, local sales taxes and special district taxes may apply. Business owners...
If you have been struggling to pay the bills or your taxes, you may receive a notice that a garnishment or levy has been placed on your wages or bank account. Even if you make every effort to pay your back taxes, your circumstances may make paying your taxes difficult, such as a job loss...