11 Apr Personal Tax Filing Deadline is Approaching
Why is Tax Day April 18, 2017?
The regular tax return filing deadline is April 15. However, due to April 15 being on a Saturday and the Washington D.C. Emancipation Day holiday being observed on April 17 instead of April 16, 2017, Tax Day is on the following Tuesday.
When Can I File My Previous Year or Late Federal Tax Return?
There is no IRS deadline for overdue previous year tax returns, but in order to claim a tax refund for a certain year, you must file a tax return for that year within 3 years of the original due date. If you wait longer than 3 years, any tax refund is forfeit.
On the other hand, past due taxes do not disappear. If you owe taxes for a previous tax year, the IRS may charge you late filing and late payment penalties plus interest on taxes owed.
After April 18, 2017, you can still prepare and efile a 2016 tax return on efile.com until October 16, 2017 (after that date, the IRS will no longer accept 2016 returns electronically, and you will need to paper file your 2016 return).
If you owe taxes and you file or efile late without getting a tax extension, the IRS will generally charge penalties based on the amount you owe. There are also penalties for paying your taxes late, even if you got an extension. However, the late filing penalties are more severe, so you should try to file on time even if you owe taxes and can’t pay.
If you owe taxes and are already late, you should file a tax return immediately and explore your options to pay tax.
If you expect a tax refund and you file late, there is no real penalty other than the effective delay of your refund.