Tax Extension Season is Winding Down

Time is almost up. The 2017 extension due date for most business tax returns is September 17th (the 15th is on a weekend). After that, the due date for personal tax returns is then October 15th.

If you are going to use a tax professional, you need to remember that the professional will also need time to prepare your taxes. (If you drop off your information the day prior to the tax deadline, the preparer probably won’t have time to knock them out).

Remember, even if you cannot pay your taxes in full, you should still file your taxes. There are different types of penalties: failure to file and failure to pay. Failure to file is usually much more severe.

Then, if you cannot pay, the IRS will work with you to manage that payment. They have Offer in Compromises and Installment Agreements if you cannot pay in full immediately. They also have various mechanisms in how to make those payments: direct pay, credit cards, etc.…

In my experience, the IRS will work with you if you work with them. The absolute worst thing you can do would be to ignore the IRS.

Please let us know how we can help. Give us a call today: 260-407-5000.

Brent Bracht, CPA

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