October 16th…Important Tax Deadline! - A Global Tax Blog Article from KLR

Global Tax Blog

October 16th…Important Tax Deadline!

posted Oct 11, 2017 by Paul Oliveira, CPA in the Global Tax Blog

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Did you request a six month extension to file your tax return? October 16th is fast approaching. To avoid penalties and fees, most taxpayers who filed an extension still had to pay their income tax due by April 18, 2017. The extra six months are purely for gathering necessary documents to file a complete and accurate return.

More about the deadline

  • Final deadline to file individual tax returns for the year 2016. (Forms 1040, 1040A, 1040EZ)
  • Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2016 if you requested an automatic extension of time to file

Two things you should know...

  1. You can e-file until October 16- After gathering all the necessary documents, you can use the IRS’ "Free File" to prepare and e-file your return for free.
  2. You have to file a paper return if you miss the October deadline- If you’re owed a refund, it will come later than usual—after you mail the return it can take 8-12 weeks to receive your money. 

What if your return is rejected?

First of all—what does it mean if your return is rejected? Well...it can mean a couple things. Probably the most common reason the IRS will reject a tax return is because you made an error (usually something small like a typo or math error). Another reason is that you failed to report income, which is obviously more serious than a small typo. Perhaps you misplaced your old return and guessed at the number for adjusted gross income. However, all hope is not lost—for a situation like this, you’ll simply need to file a paper return and include an explanation, along with proof of your assertion. This is most likely a record verifying your information is correct.

Hurricane victims

The IRS has said that they will give special consideration to taxpayers rebuilding in areas that’ve been hit hard by the recent hurricanes. Victims who asked for an extension will have until January 31st,2018 to file their returns. Tax payments which were due on April 18 are not eligible for the relief, but individuals as well as businesses with extensions that expired on September 15 will be able to claim the relief.
Victims include anyone living in an area designated by the Federal Emergency Management Agency, FEMA. Taxpayers who live outside the disaster area need to contact the IRS at 866.562.5227 to see if they qualify.

Contact us for further guidance.