2017 Income Tax Deadline: How To Get An Extension

TAMPA, FL — While early-bird filers in the Tampa Bay area may have already collected their income tax returns, the region’s procrastinators are running up against a hard deadline. April 18 is the last day to file, but there are ways to get that date pushed.

If more time is needed to get taxes in order, the Internal Revenue Service has a procedure folks need to file. It’s important to remember that an extension to file your return that does not give you more time to pay any taxes due. April 18 is still the deadline for most to pay taxes owed to the government and avoid penalty and interest charges. You can find the appropriate form to fill out to seek an extension on the IRS website.

The Internal Revenue Service automatically grants a six-month extension to taxpayers who need more time to prepare their tax return as long as the proper form is completed and submitted on time.

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Taxpayers may get an extension by paying all or part of their estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System or a credit or debit card.

Can’t Swing the Payment Now?

• Meet your tax obligation in monthly installments by applying for an online payment agreement with the IRS.
• Find out if you qualify for an offer in compromise — a way to settle your tax debt for less than the full amount.
• Request that the IRS temporarily delay collection until your financial situation improves.

"Inability to pay is the worst reason to file an extension," Martin Cole, a tax educator and former accountant, tells Intuit.

Receiving an extension to pay taxes will lower the amount of penalties and interest owed on taxes. Or you might pay your taxes with a credit card or loan. In many cases the interest on these accounts will be lower than the combined penalties and fees you'll pay the IRS, Intuit says.

The Internal Revenue Service said that it successfully started accepting and processing 2016 federal individual income tax returns on schedule on Jan. 23. More than 153 million returns are expected to be filed this year. IRS officials expect more than 70 percent of taxpayers to get tax refunds this year. In 2016, 111 million refunds were issued, with an average refund of $2,860.

Refunds in 2017

Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind.

Where's My Refund? ‎on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early Earned Income Tax Credit and the Additional Child Tax Credit refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund? ‎or through their software packages until then.

The IRS says taxpayers should only call to check on their refund if they haven't seen it and it has been:

• 21 days or more since you filed electronically
• More than 6 weeks since you mailed your paper return

Find your local IRS office here.

Before you file, the IRS has these tips to help you.

• Gather your records. Make sure you have all your tax records. This includes receipts, canceled checks and other records that support income, deductions or tax credits that you claim. If you purchased health insurance through the Marketplace, you will need the information in Form 1095-A to file.
• Report all your income. You will need to report your income from all of your Forms W-2, Wage and Tax Statements, Forms 1099 and any other income – even if you don’t receive a statement – when you file your tax return.
• Try IRS Free File. Free File is available only on IRS.gov. If you made $62,000 or less, you can use free tax software to file your federal return. If you earned more, you can use Free File Fillable Forms, an electronic version of IRS paper forms.
• Try IRS e-file. Electronic filing is the best way to file a tax return. It’s accurate, safe and easy. If you owe taxes, you have the option to e-file early and pay by April 18 to avoid penalties and interest.
• Use Direct Deposit. The fastest and safest way to get your refund is to combine e-file with direct deposit. The IRS issues more than nine out of 10 refunds in less than 21 days.
• Review your return. Mistakes slow down your tax refund. If you file a paper return, be sure to check all Social Security numbers. That’s one of the most common errors.
• Visit IRS.gov. The website has forms and other info you need to file your tax return. Click on the "Filing" icon for links to filing tips, answers to frequently asked questions and IRS forms and publications. The IRS has many online tools on IRS.gov to help you file and answer your tax questions. The tool gives the same answers that an IRS representative would give over the phone.

By Patch’s Deb Belt

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