April Topic Of The Month: 2019 Tax Deadlines And Extensions For The 2018 Calendar Year
Every year, April ushers in warmer weather, rainfall, and taxes. This year, the IRS tax deadline is Monday April 15, 2019. It’s worth noting that in recent years there has been a weekend extension. That is not the case this year; the 15th is the ultimate deadline by which your tax return must be postmarked or e-filed. If you are out of the country because you live and work outside of the US or are serving in the military, you have an additional two months to file your taxes. Your deadline will be June 17, 2019 and will require that you attach a statement to your return which explains the situation that qualify you for this extension. We suggest that you consult a financial advisor or tax preparer to confirm whether you automatically qualify for this extended deadline.
For some of us, life gets in the way and the start of the year goes by fast. If that happens, you might find yourself in need of an extension. You can get this extension via mail or online. Any extension must be postmarked or submitted online by April 15th. To be clear: an extension gives you more time to file. Any taxes due, however, will still be due on the normal filing deadline date. This means that you still need to pay an estimation for what you might owe. If you do not pay by the deadline, even with the extension, you might be subject to interest and/or a late-payment penalty. Once you file for the extension and make your estimated payment in April, you still need to file your final tax return by the October deadline. Should you miss this, your penalties can further worsen.
To file for an extension, you need to fill out form 4868 through the IRS. Should you need guidance doing so or determining if this is the best option for your situation, please consult an accountant or tax advisor.
If you have any questions concerning this topic, please contact Orsinger Investment Group, Inc. at (724)588-9067.