Procrastinators rejoice: tax day is a bit later this year and if you still can’t make that, there’s still time to file for an extension.
Advertisement
Most people know April 15 as the deadline for submitting personal tax returns, but this is not always the case. This will give you until October 15 to file your return. Because of that, Bay Staters might be better off filing alongside everyone else on April 18. Emancipation Day marks the day that the Compensated Emancipation Act was signed by President Abraham Lincoln and is observed on April 16. If you rush to beat the deadline, you may miss out on tax savings or make a mistake.
File an extension. If you’re not ready to file by April 18 (April 19 for taxpayers in ME or Massachusetts), you can get an automatic six-month extension. Resident taxpayers making out-of-state online purchases where no CT sales tax was collected at the time of purchase must declare and pay the Use Tax when filing their annual state income tax returns.
The IRS says about 10,800 Mississippians who haven’t filed a tax return for 2012 are missing out on more than $9 million in unclaimed refunds.
Keep in mind, however, the extension only applies to the tax return paperwork. The IRS has made a big technology push in the past few years, which means moving away from the physical tax forms traditionally found at the public library and toward offering more help and resources online. According to the IRS, 20 to 25% of people file within two weeks of the deadline.
If you haven’t filed your taxes yet, it’s not too late. You can do that at IRS.gov.
Remember: An extension of time for filing doesn’t extend the due date for your taxes. If insurance was available to you and you declined to enroll in it for the entire year, you could pay a tax penalty of either 2 percent of your household income or $325 per adult and $162.50 per child. Here are some of the most common tax myths that can cost you more in the long run.
Advertisement
The IRS isn’t giving you extra time to file because they want you to have a relaxing weekend. Claim the credits you deserve – The IRS estimates about 430,000 eligible New Yorkers fail to claim their earned income tax credits.To track a refund, visit the IRS website. The fastest and easiest way to get the extra time is through the Free File link on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an extension on Form 4868.
