Tax Filing Deadlines Not Just April 15th
Do you file a paper tax return? If so, it’s important that you know the IRS’s “timely mailed = timely filed” rule: Your tax return is due April 15 and it’s considered timely filed if you make sure it is postmarked by midnight on April 15. Although, just because you drop your return in a mailbox on the 15th, doesn’t mean you’re safe.
Consider this example: On April 15, Susan mails her federal tax return with a payment. The post office loses the envelope, and by the time Susan realizes what has happened and refiles, two months have gone by. She’s hit with failure-to-file and failure-to-pay penalties totaling over a thousand dollars.
To avoid this risk, make sure to use certified or registered mail. You can use one of the private delivery services designated by the IRS to comply with the timely filing rule, such as DHL Same Day service. FedEx and UPS also offer a variety of options that pass muster with the IRS. But beware: If you use an unauthorized delivery service — such as FedEx Express Saver® or UPS Ground —, your document isn’t “filed” until the IRS receives it, so make sure to check with the carrier so you file on time.
If you haven’t filed your return yet or are concerned about meeting the deadline, another option is to file for an extension. Doing so has both pluses and minuses, depending on your situation. Please contact Jim Komos at 216-831-7171 or jkomos@cp-advisors.com for more information or if you have questions about what you should do to avoid penalties and interest. Our tax professionals are always available to answer your questions or to assist you with filing.
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