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Why Oct. 16 is an important date for some taxpayers this year

On Behalf of | Oct 12, 2017 | Tax Law

The main federal income tax filing deadline here in the U.S. is in mid-April. However, spring doesn’t have a monopoly on important tax filing dates. Fall sees such a key deadline, the filing deadline for those who received an extension.

Sometimes, circumstances make it so a person is unable to submit their tax returns by the standard mid-April filing date. When a person suspects that their tax filing won’t be ready by that time, they can request a six-month extension. As a note, this extension just applies to the filing of taxes, not the paying of taxes. This year, the filing deadline for those who received such an extension is Oct. 16.

So, with this deadline approaching, this time of the year can be a very important time of preparation for taxpayers who have received an extension. This includes the preparation of their tax filing so it is ready on or before the deadline. It also includes preparations for how they are going to pay their taxes if their filing indicates that they owe more in taxes than they have already paid.

Sometimes, during such preparations, a taxpayer discovers a problem: That they don’t currently have the funds to pay taxes they owe. Promptly addressing such a problem can be critical. Leaving tax problems unaddressed can give such problems time to grow significantly in severity.

So, when a person encounters or discovers a problem during their preparations to meet a tax filing deadline, such as the extended filing deadline, quickly seeking out guidance on what choices they have for addressing the problem can be crucial. Skilled tax attorneys can advise taxpayers on a range of key tax issues, including those related to an inability to currently pay all of the taxes one owes.

Source: Internal Revenue Service, “Seven Reminders for Taxpayers Filing Their 2016 Tax Returns by Oct. 16,” Oct. 2, 2017