Every year, millions of taxpayers ask for an extra six months to file their taxes. These taxpayers should have paid the tax they owed by the April deadline, but those who requested an extension should mark Monday, Oct. 16 as the extension deadline for 2017. While the deadline normally falls on Oct. 15, that date falls on a Sunday this year so the due date is moved to the next business day.
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Here are a few reminders for taxpayers who have not yet filed:
Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline
File and pay soon. If you owe taxes, you should file and pay as soon as you can, which will stop the interest and penalties that you will owe.
Pay as much as you can. If you owe but can’t pay in full, you should pay as much as you can when you file your tax return. You should pay what you owe as soon as possible to minimize penalties and interest.
Make monthly payments through an installment agreement. If you need more time to pay your taxes apply on Form 9465, Installment Agreement Request
More Time for the Military. Military members and those serving in a combat zone generally get more time to file. If this applies to you, you typically have until at least 180 days after you leave the combat zone to both file returns and pay any taxes due.
Keep a Copy of Tax Return. Taxpayers should keep a copy of their tax return and all supporting documents for at least three years. Among other things, this will make filing next year’s return easier. When a taxpayer e-files their 2017 return, for example, they will often need the adjusted gross income amount from their 2016 return.