Do You Need to Extend Your Return? | USTaxAid

Diane Kennedy's Blog

Do You Need to Extend Your Return?

Written by Diane Kennedy, CPA on April 9, 2018

The due date for business returns like S Corporations and Partnerships was March 15, 2018. If you missed it, file fast. The penalties for late filing are stacking up fast. For every month or part of the month that you miss, you will pay $195/partner. Let’s say you missed the 3/15/18 extension for your partnership that has 4 partners. Right now, since we’re in April, you will owe $195*4 ($780) for two months, for a total of $1,560. The penalties add up fast!

The IRS sometimes will allow you a one-time abatement on the late filing. It doesn’t hurt to ask. But meanwhile, file fast!

Your federal individual tax return is due 4/17/18. Your state return, if applicable, is also due 4/17/18 or possibly later in some cases. It’s best to just make sure you’ve filed or extended your returns by that date.

Use Form 4868 to file for the federal extension. District of Columbia, Louisiana, New York, North Carolina and Vermont require state extensions in addition to the federal extension. Otherwise, you will have an automatic extension of your state if you file the federal.

An extension of time to file doesn’t mean an extension of time to pay. If you owe taxes and don’t pay it with your extension, you’ll be looking at penalties and interest. If you do owe the money, you can do it via epay, direct withdrawal or by mailing in a check.

You can efile your extension through a tax preparer or via online solutions. You can also mail in your extensions. If you do paperfile (mail) your extension, send it return receipt requested so you can prove that the extension was made.

Personally, I get all extensions done by a few days before the final date. That way if there is a problem with the efile, I’ll have time to fix it before the due date.

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