Happy Tax Day! Quick Reminders For Those Yet To File

[Benjamin Weinhart]

Hello everyone and happy tax day!

Just a friendly reminder that the deadline to file Individual, Trust, and C-Corporation returns is today. Even if you owe tax that you cannot pay today, you should still file to avoid a 5% penalty per month for failure to file. Also, if you cannot pay the full amount, a partial amount will help negate some of the failiure to pay penalty + interest that will accrue.

In the event you aren't ready to file today for whatever reason, or were hoping to reach out to a tax professional. I can almost guarantee you that nobody will have the time to help you today with everyone working to get their client's extensions in (or relax a little after a long tax season comes to a close for many). If this is the case for you, you will want to file for an extension of your taxes so you can have a little more time. This can be done by filing form 4868. There's a few options to file this form:

1. Certain tax softwares such as turbotax and the like have the functionality to electronically file. I believe the IRS may have this on their website as well

2. You can mail the form in. If you mail, be sure to mail to the correct address which can be found on the instructions (first result on google if you google "form 4868")

If a payment is due with any of the above, you can include a check with your mailed form, or you can pay directly through the IRS DirectPay system and select "extension" as the reasoning for the payment. If you're unsure what to pay and things are pretty similar to last year, a good rule of thumb is just do what you paid last year + 10%. This will work for a lot of people and is a simple calculation.