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Keep in mind this extension is for time to file, not pay.
The deadline this year is April 17th because Monday is Patriots Day.
Here is a little bit of information about the tax extensions for those who need to first file.
- If you have already filed and waiting to pay, you are in the clear of IRS penalties.
- If you owe money, you need to file their income tax by April 17th, 2018 or there will be a series of penalties that the IRS will enforce.
- If you are waiting to file and will receive a refund, you have three years to claim your refund. After three years it is no longer claimable and the tax payer looses the refund.
Waiting too long will cost you
Have you been waiting for paper work to file your income taxes, traveling or just haven't gotten around to it because of your busy schedule? Not filing on time would cause the IRS get you with a failure-to-file penalty. This may start at 5% and could go as high as 25%. Lucky thing for those who wait, there is no charge to file for a tax extension.
After tax payers file for an extension, the IRS gives you six months to file income taxes. If the worst of the worst happens and tax payers do not file for 2018, they will be charged a late fee. The minimum late fee charge is $135 or 100% of the unpaid tax. If a tax payer shows reasonable cause for filing late or not at all, the IRS may accept it and no late fee will be charged.