By Evan Vitale
Tax Day – which is probably the “best” word to describe the day in which all United States citizens must file their tax returns – is quickly approaching.
As you prepare (or fret) the impending deadline, here are some important tax dates to remember for this year (2017):
- Typically, the regular tax deadline is April 15. We ALL know April 15. Right? However, this year, April 15 falls on a Saturday and the following Monday (April 17) is an official Washington D.C. holiday known as “Emancipation Day.” Therefore, the deadline to submit your 2016 tax return – or to file an extension – is Tuesday, April 18, 2017.
- Remember, if you are submitting your tax return online, it must be completed and submitted to the IRS by that date. If you are mailing a paper return, it must be postmarked by April 17.
- Anyone can file for an automatic six-month extension with a deadline of October 17, 2017. However, an extension gives you more time to submit your return and NOT more time to pay the tax balance you owe. Many people think they can file and pay at the same extension deadline and this isn’t true. The longer you wait to pay any outstanding balance, the more penalties and late fees you’ll incur.
- As of this blog post, you should have received all required tax documents from your employer or from other sources of income. This would include Forms W-2, 1099 and documents that involve bank interest and retirement account distributions.
Try your best to prepare and file your tax returns as soon as possible. Waiting until the deadline could cause extra stress and it always seems like there are some unforeseen problems (i.e., missing forms; software updates; Internet connection problems; lack of toner to print forms, etc.).
If you are expecting a tax refund, you definitely want to file early! However, if you owe taxes this year, at least get your forms and returns prepared and ready to go. You could always wait until April 18 in order to sign the necessary documents (and your check) and drop them in the mail.