The weather is finally cooling down with these final months of the year. But things can quickly heat up, especially if you still need to file your tax return to the IRS.
For those of you who filed extensions earlier this year, time is winding down submit your tax forms. Don’t forget about these extended IRS deadlines.
Extended Personal Tax Deadline: October 17
If you chose to file IRS Form 4868
back in April, your 6-month personal tax extension ends this upcoming Monday. There are no other time extending options after this deadline, so you either file on time or pay late fees. The extended due date for personal tax returns typically ends on October 15. Because that date is on a Saturday this year, you automatically have until the end of the following business day to file.
Penalties for Late Filing
You can guarantee IRS penalties for filing after the extended deadline. With personal income tax returns, you’re charged 5% of your tax bill for each month or part of the month your return is late. The maximum penalty is 25% of your tax amount, but if you’re more than two months late, the IRS charges a minimum fee of $135 or the remaining balance of your tax bill – whichever is the least amount.
Extended Tax-Exempt Organization Deadline: November 15
The second extended deadline for exempt organizations is a little over a month away, but the later you file, the more you’re risking late filing fees. This final due date may not apply to every nonprofit or charity – if your organization functions on a calendar tax year, and you filed IRS Form 8868 for both May and August deadlines, then November is your last chance to file on time.
Late Filing Penalties
Failing to file before the time limit leads to a daily charge of $20 each day your form is late – the cost increases to $100 per day for organizations with over $1 million in gross receipts. The maximum penalty is either $50,000 or 5% of total revenues.
Submitting an incomplete form is the same as filing late and can incur the same penalties. Visit our sister site, ExpressTaxExempt.com, where you can use cloud-based technology to complete and transmit IRS Form 990 or Form 990-EZ securely, accurately, and quickly than paper filing.
Tax extensions are extremely useful for those who need it, but its purpose is defeated – not to mention money and time wasted – if you still end up filing late. Whatever your reason is for filing an extension, you can e-file quickly and easily with ExpressExtension.com. Our service offers cloud-based support for business, personal, and exempt organization extension forms.
Our U.S. – based, customer support team is available Monday through Friday from 9 a.m. to 6 p.m. to assist you with the e-filing process – give us a call at 803.514.5155 or email us any time of the day with support@ExpressExtension.com.