Tick, tick, tick … the deadline for filing your 2017 tax return is rapidly approaching. The traditional due date is April 15, but you technically have until April 17 to file your 2017 return. Why? April 15 is a Sunday and April 16 is Emancipation Day (a holiday in Washington D.C.).
Luckily, if you know you won't have time to file by April 17, you still have options. Simply file an extension (using Form 4868) by the April 17 deadline to get an automatic six-month filing extension to Oct. 15.
Of course, this is a lifesaver if you're behind, but a filing extension may also provide the following benefits:
If you think you'll owe money after filing, make a good-faith estimated payment of your tax bill by April 17. To avoid an underpayment penalty, pay at least 90 percent of your 2017 tax liability or 100 percent of your 2016 tax liability (110 percent if your adjusted gross income exceeded $150,000).
"Tax Tips" are published weekly to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
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Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!