Reminder: Tax Filing Extension Deadline Oct. 16

If you got an extension on your tax filings, the deadline is likely fast approaching. For many, the deadline for extended filings is set at October 16. Before submitting that filing, be sure to check to make sure that you are getting the most of available benefits. Three examples to check for include:

  • Income. Depending on your income, you may qualify for certain benefits. One example is the Earned Income Tax Credit (EITC).
  • Retirement. Certain contributions to retirement accounts are often deductible. This can include contributions to a 401(k) or an IRA.
  • Education. Parents and college students can also take advantage of certain credits for qualifying costs connected to education.

It is important to note that additional extensions may be available. The IRS provides two specific examples in a recent news release: those impacted by a natural disaster and those who are actively serving in the military. Those living in an area that is federally declared as a disaster area may qualify for this type of relief. The second example, those in the military, generally applies to those who are serving in a combat zone. In this scenario, the taxpayer is given an additional 180 days after returning to file their taxes.

A failure to file taxes in a timely manner can result in various issues with the IRS. This can include dealing with collection attempts from the federal agency. Taxpayers that are contacted by the IRS are wise to seek legal counsel. An experienced taxation attorney can guide you through your dealings with the IRS, advocating for your interests and helping you to find the best option for compliance.

Tags: Blog, Tax Controversies