Whenever
possible, you should always attempt to file your taxes on or before the April
filing deadline. This will keep you safe from penalties, fees, and other
potential consequences of not getting your taxes in on time.
If,
however, you just can’t make that April deadline for some reason, you do have
the option of requesting an extension. If granted, you have six more months to
get your tax return in. However, make sure you fully understand this October deadline
and how it works in order to avoid making a grave mistake.
An Extension Doesn’t Fully Protect You from Penalties and
Fees
Many people wrongly assume that if they’re granted a filing extension, they are safe from penalties and interest. However, that’s not
necessarily the case. Just because you were granted a filing extension doesn’t
mean you were granted a paying extension.
Thus, you’ll still likely have to deal with the failure to
pay penalty. On top of that, if you miss your October deadline- the extended
deadline- you could also find yourself facing a failure to file penalty.
Special Circumstances May Apply
As you can tell, it is typically in your best interest to
file and pay your taxes by the April deadline or, if you absolutely can’t, by
the extended October deadline. However, there are some special circumstances in
which you could end up having until December to file and pay.
These special rules typically apply to people living outside
the United States or military professionals in combat zones. If you think you
may have a special circumstance such as this talk to a tax professional to
learn more about your options.
The bottom line is that you should do what you can to file
and pay your taxes on time. And, if you can’t, make sure you understand and
adhere to the full regulations surrounding tax filing extensions.
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