October tax deadline nears for extension filers
More than 140 million taxpayers haven’t thought about their 2017 tax return since tax season earlier this year. Another 14 million taxpayers filed for an extension. Of these, those who still haven’t filed are running out of time, because the tax filing extension deadline is Oct. 15, 2018. Once Oct. 16 rolls around, taxpayers who still haven’t filed and owe the IRS will face a 5 percent monthly failure-to-file penalty. The penalty adds up each month until the taxpayer files, up to a maximum of 25 percent. For those who did not file for an extension before the April deadline, the 5 percent monthly penalty kicked in immediately after the deadline.
The good news is taxpayers due a refund don’t pay a late filing penalty. In fact, most taxpayers (53 percent) filing after the April deadline get a refund. But the longer they wait to file, the later and later they will get their refunds, which average more than $4,000.
If that’s not reason enough to file, taxpayers who filed an extension have indicated they need to file a return, essentially putting themselves on the IRS’ radar. These taxpayers will be easy targets for an IRS notice if they don’t file by the October tax deadline.
Taxpayers who still haven’t filed their return are more likely to be looking for help: 85 percent of them get professional help from a tax preparer, compared to 58 percent of taxpayers who file during tax season. Anyone who wants help filing a tax return to meet the October tax deadline can make an appointment with an H&R Block tax professional by calling 800-HRBLOCK or finding a local, year-round H&R Block office online. Online tax filing and DIY tax software are available 24/7.
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