Time Is Running Out To File Your Taxes

Follow CBSMIAMI.COM: Facebook | Twitter

MIAMI (CBSMiami) – Heads up for those of you who have procrastinated on filing your federal tax return for last year, the tax man cometh on Tuesday.

Yes, normally April 15th is the deadline to file, but this year a holiday in our nation’s capital forced a change.

However, Emancipation Day is an official public holiday in the District of Columbia and it falls on April 16. The holiday celebrates the end of slavery.

Since Emancipation Day is a legal holiday, it gets precedence over the April 15 tax deadline.

“Section 7503 of the Code provides that, when April 15 falls on a Saturday, Sunday, or legal holiday, a return is considered timely filed if it is filed on the next succeeding day that is not a Saturday, Sunday, or legal holiday.”
IRS Revenue Ruling 2015-13

Since this year April 16th was a Sunday – not work day – then the observed Emancipation Day holiday was moved to Monday, April 17th. Therefore, the tax deadline got moved to Tuesday, April 18th, the day after the holiday.

The IRS says about 40 million Americans have yet to file their return but if you can’t meet the deadline, don’t fret.

You can file for a 6-month extension with Form 4868 by April 18th.

Extensions, however, do have a major caveat: The IRS gives you extra time to file, but not to pay.

You must estimate how much you owe and send Uncle Sam at least 90-percent of it to avoid a penalty.

If you don’t have the money on hand to pay the taxes owed, don’t hide.

You can apply for a free 120-day extension to pay the bill or use an IRS installment plan.

For more information go to IRS.GOV.

[graphiq id=”eqfqyOjEHWZ” title=”Poll: Trump’s Tax Reform” width=”600″ height=”532″ url=”https://w.graphiq.com/w/eqfqyOjEHWZ”

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Miami

PIX: Hurricane Irma’s Aftermath
Have What It Takes To Win? Sign-Up Now

Watch & Listen LIVE