Federal Tax Returns Due April 17th in 2007 - Need an Extension?
Thursday April 12, 2007
If you haven't heard by now, your federal tax return doesn't have to be postmarked until midnight on Tuesday, April 17th this year. That's because April 16 is a holiday in the District of Columbia - Emancipation Day - and legisltation was passed that holidays in DC affect the entire country. The IRS became aware that the holiday would coincide with its original return deadline only after most forms and publications for the 2006 tax filing season went to print. The next year that Emancipation Day could affect filing deadlines is 2011.
The new deadline also applies to paying your estimated tax payment. (If you're self-employed,you have been filing those, haven't you?) If you operate a business as a corporation or an LLC that is taxed as a corporation, the normal corporate tax return filing deadlines apply: March 15th for S-Corporations and the 15th day of the third month following the end of your business fiscal year for C-Corporations.
So, if you're one of those last minute filers (there are plenty out there) you'll get a 24-hour reprieve. Since April 15th is a Sunday, the 16th would have been the deadline but for the holiday. Residents in some New England states celebrate Patriot's Day or similarly named holidays on Monday the 16th - including Massachusetts, which hosts the Boston Marathon that day - so their state returns won't be due until the 17th either. In fact, many - but not all - states are using the same deadline as the IRS. However, most other states may require you to file your state return on the 16th, so check your own state's tax return filing deadline to be certain.
If you still don't think you'll get your return done before the deadline, the IRS is now urging you to e-file an automatic request for an extension (now 6 months) before the deadline. The automatic extension doesn't give you a reprieve on the taxes owed, just on getting the return completed. Those who owe taxes can make a payment when they file the extension either by mailing a check or by way of several electronic payment methods, such as electronic funds withdrawals from bank accounts and credit card payments.
Taxpayers can e-file the extension request (Form 4868) from a home computer or through a tax professional who uses e-file. Taxpayers can e-file their extensions at no cost. Several companies offer free e-filing of extensions through the Free File Alliance; those companies are listed on IRS.gov.
Important: Only access the Free Filers from the IRS website. There have been reports of phishing related to phony Free Filers.
Visit the Tax Time Section of About.com
The new deadline also applies to paying your estimated tax payment. (If you're self-employed,you have been filing those, haven't you?) If you operate a business as a corporation or an LLC that is taxed as a corporation, the normal corporate tax return filing deadlines apply: March 15th for S-Corporations and the 15th day of the third month following the end of your business fiscal year for C-Corporations.
So, if you're one of those last minute filers (there are plenty out there) you'll get a 24-hour reprieve. Since April 15th is a Sunday, the 16th would have been the deadline but for the holiday. Residents in some New England states celebrate Patriot's Day or similarly named holidays on Monday the 16th - including Massachusetts, which hosts the Boston Marathon that day - so their state returns won't be due until the 17th either. In fact, many - but not all - states are using the same deadline as the IRS. However, most other states may require you to file your state return on the 16th, so check your own state's tax return filing deadline to be certain.
If you still don't think you'll get your return done before the deadline, the IRS is now urging you to e-file an automatic request for an extension (now 6 months) before the deadline. The automatic extension doesn't give you a reprieve on the taxes owed, just on getting the return completed. Those who owe taxes can make a payment when they file the extension either by mailing a check or by way of several electronic payment methods, such as electronic funds withdrawals from bank accounts and credit card payments.
Taxpayers can e-file the extension request (Form 4868) from a home computer or through a tax professional who uses e-file. Taxpayers can e-file their extensions at no cost. Several companies offer free e-filing of extensions through the Free File Alliance; those companies are listed on IRS.gov.
Important: Only access the Free Filers from the IRS website. There have been reports of phishing related to phony Free Filers.
Visit the Tax Time Section of About.com
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