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04/07/2017

Tax Deadline Dance

So, once again, the mandated income tax filing deadline day gets a little kick and a jump this year from the designated April 15 date on the calendar.  For the second year in a row, the last day to file your federal and state income tax returns for the 2016 calendar year is April 18. And next year’s filing deadline for 2017 income tax returns will be April 17. The reasons for the date changes are nearly as complicated as tax laws.

Gene kelly tap dancing picThe three-year stretch in adjusted tax deadline days is due to the odd assortment of federal holidays and a restriction against the deadline falling on a weekend day. This tax season the assigned April 18 deadline is partly due to the fact that April 15 falls on a Saturday.  Normally the deadline would have then been moved to the next Monday.  However, this year, Monday is a holiday observed in Washington D.C. and, thereby, is a holiday that is observed by the IRS.  So, the tax deadline day for filing 2016 income tax returns moves to the next available calendar day which is Tuesday, April 18.  In case you’re wondering, the holiday on April 17 is Emancipation Day which commemorates the day President Abraham Lincoln signed the Emancipation Proclamation to end slavery.

Taxpayers in some states have an even longer time to file their tax returns because the IRS has enacted its authority to extend deadlines for taxpayers living in designated federal disaster areas.  In past months, thousands of taxpayers were affected by damaging storms in Louisiana, Georgia and Mississippi.  Those who live or own a business in Louisiana parishes designated as disaster areas have been given additional time to file their income and business tax returns as well as any quarterly tax payments. The deadline for them has been extended to June 30. Taxpayers living in disaster-designated counties in Georgia and Mississippi have until May 31.

For taxpayers living in Maine or Massachusetts, the Patriot’s Day holiday occurs on April 18 which pushes their income tax filing deadline to April 19.

Taxpayers living and working abroad as well as military personnel serving abroad or in combat zones may also qualify for an extension of time to file a return and/or pay their income taxes.

If you’re not able to get your records together in time for the tax return filing deadline that applies to you, you will need to request an extension of time to file to escape penalties. The IRS allows six extra months to qualifying taxpayers.  However, the deadline to pay the taxes you owe remains the same as the original tax filing deadline.  Penalties and interest accrue for all unpaid dollars.  Dare we mention that this year, IF you file for a six-month extension, even though the actual six-month calendar would reflect an October 18 deadline to file, the actual deadline is Monday, October 16.  That’s because the October deadline is based on the originally mandated April 15 filing deadline.  But, because the 15th of October falls on a Sunday, October 16 becomes the deadline. Makes you want to shake your head a bit, doesn’t it?

If you need help completing your tax return or submitting a request for an extension to file a return, please contact one of our tax experts at McRuer CPAs.

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