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.