October 15 is in less than 2 weeks…did you file your 2017 taxes?
Taxpayers tend to wait until the last minute to file their 2017 tax returns. However, if you’re one of these taxpayers who missed the April 17 tax deadline, here are some helpful tax information that you should know.
1. October 15, 2018 is the e-file and extension deadline.
After October 15, 2018, are required to paper-file your 2017 tax returns since e-file is no longer available.
2. If you have a refund waiting for you, you are not subject to penalties for filing late.
Just make sure you file your return within three years of the original due date based on the IRS statute of limitations.
3. You cannot file an extension and your tax return is considered late.
This means if you did not file an extension by April 17, you can no longer do so.
4. If you have a tax due to the IRS and did not file or pay your taxes by April 17, you will be subject to penalties.
Click here to find out about late filing and payment penalties.
5. There is more than one option in paying off your IRS tax liability.
You can arrange a payment plan with the IRS to pay installments on your taxes every month, an offer in compromise if you’re facing hardship or a delay in the collection process until your financial situation improves.
6. If for any reason, you were unable to file your tax return due to a circumstance that was out of your control (such as a natural disaster, death, serious illness, etc.) you can settle it with the IRS.
You can look into the reasonable cause for any penalty relief if you are eligible.
7. If you cannot receive your income statements, you can estimate your income.
You will need to fill out Form 4852 and mail it along with your 2017 tax return to the IRS.
8. You can no longer claim a refund for your 2014 tax return.
April 17, 2018 has passed and the IRS is no longer issuing refunds since it is past the original due date of the prior year return.
Check out more of our blogs for your tax needs.
Now, let’s get started on filing your taxes!
With Rapidtax, all you need to do is create an account, enter your tax information, submit your tax return and voila, you’re ready to file! You can contact our customer representatives for any help you need.