According to Matthew Frankel (2017), The 2017 tax deadline is coming up fast. Your federal income tax return needs to be submitted to the IRS by April 18, 2017, or you could face some stiff penalties, and about one-fourth of Americans wait until the last minute to get their returns in. If you’re one of them, here are three last-minute pieces of advice you should keep in mind as Tax Day approaches.
Things you should know before filing:
- Max out your traditional IRA contributions
If you’d like to boost your tax refund, there aren’t many options still available to you, with the notable exception of the traditional IRA deduction. Specifically, if you qualify for a deduction for traditional IRA contributions, you can choose to have any of your contributions made before April 18 designated for the 2016 tax year.
- File an extension if you need more time (but still pay your taxes)
If you’re struggling to get your tax return finished by the April 18 deadline, the good news is that it’s not difficult to get an extra six months to do your taxes. Simply fill out IRS Form 4868 before the regular deadline, and the process is easy and automatic. Once the IRS receives and accepts your extension, your tax return deadline will be pushed to October 16.
However, it’s important to point out that an extension only gives you more time to file, not more time to pay. Any balance you owe to the IRS is still due on April 18, even if you receive and extension.
Consult your tax accountant or attorney for more clarity on the tax filings or laws.