Just a reminder that all Federal and State Personal Income Tax Returns are due today! If haven’t managed to pull it all together at this point, the good news is that you can file Form 4868 which is an Application for Automatic Extension of Time to File U.S Individual Income Tax Return and then have until October 16th to complete your return. The bad news is that this is only an extension of time to file your return. It is not an extension of time to pay what you will eventually owe. Beware, because in order for the extension to be valid and to avoid paying penalties and interest, you need to calculate how much you’re eventually going to owe and submit 100% of that amount with the extension.
Perhaps it’s just as easy to go ahead and complete the returns today?
-Tidelines Editor