Your Taxes Must Be Paid on Monday If You Applied for an Extension
Procrastinators, your time is up: If you didn’t file your 2017 tax return in April, the renewal deadline is Monday.
If you do not submit your application by Monday, you will be charged a five percent monthly refusal penalty if you owe money to the IRS. The penalty will accumulate every month up to 25 percent.
If the IRS owes you money, well, your punishment is that you wait longer to get your money back. Why are you doing it? Claim a refund and put some in your bills, your emergency fund, your Christmas shopping, or one of a thousand other things to spend money on.
There are several circumstances in which you may qualify for an additional extension, including if you were hit by Hurricane Florence and likely Hurricane Michael. “Applicants affected by Hurricane Florence were exempted from paying quarterly income tax and other taxes,” CNBC reported . “They must submit certain documents and make payments by January 31, 2019.”
The IRS usually grants an extension when the FEMA makes a statement. When the IRS announces what will happen to those affected by Hurricane Michael, we will update the post.
Here are some resources for filing your tax return . The IRS offers some tips and reminders here . Enjoy your weekend!