The Fall season is officially here! If you’re like me, you may have taken some time to enjoy the cool, Fall breeze within the last few days. While enjoying the change in the weather, don’t forget about those extended tax deadlines that you may have.
Personal Tax Extended Deadline — October 15
If you filed Form 4868 back in April of this year, then your deadline to file is October 15. Due to October 15 being on a Sunday this year, you will have an extra 24 hours to file and can submit no later than Monday, October 16.
Although you still have 13 days to file, the sooner you file the better. This will also ensure that you will avoid any late filing penalties. So be sure to mark this date on your calendar or even set a reminder/alarm in your phone so you don’t forget.
Late Filing Penalty (Form 4868):
If you do fail to file your return on time or after the extended due date, you are usually charged a penalty fee of 5% of the amount due for each month or part of the month your form is late. The maximum penalty is 25% of the amount due, however, if you are 60 days late, the minimum penalty is $135, or the balance of your tax due, whichever one is the least amount.
Exempt Organization Tax Extended Deadline — November 15
Filers who filed Part II of Form 8868 back in August have an upcoming deadline of November 15. In order to have this deadline, you must have filed Part I of the extension back in May, and then, filed Part II before the end of your extended deadline in August. This is only applicable if your organization operates on a Calendar Tax Year.
Organizations with a Fiscal Tax Year have a second extended deadline six months beyond the 15th day of the 5th month after your tax period ends (only if you filed Part I & Part II).
Late Filing Penalty
Penalties for filing exempt returns past its deadline depends on the gross receipt amount of your organization. If your organization collects $1,000,000 a year and you’re late with filing, the IRS will charge a penalty of $20 each day your form is late. The maximum penalty would be $10,000 or 5% of your gross receipts, whichever is the smaller amount. The penalty charge shoots up to $100 per day with a maximum of $50,000 for organizations that exceed $1,000,000 in gross receipts.
Upcoming Tax Filing Season
For whatever reason you need to file a tax extension, you can quickly and easily e-file with ExpressExtension. We offer extension forms for business tax, personal tax, and exempt organization tax. E-file on-the-go with our iOS/Android app for personal tax extensions, or our mobile site for exempt organization extensions.
For any questions or assistance with e-filing an extension, contact our expert professionals by phone at (803) 514-5155 (Monday – Friday, 9 a.m. – 6 p.m. EST), email at [email protected], or live chat at www.expressextension.com.