If you’re one of the millions of taxpayers who requested an automatic six-month extension this year – and hasn’t yet filed – you still have a few days. According to the Internal Revenue Service (IRS), fewer than one-third of the 13 million taxpayers, or about four million taxpayers, who filed for an extension have yet to file. Fortunately, the extension doesn’t run out until October 17, 2016.
(And yes, if you’re a regular reader, I know you’re wondering since I mentioned earlier that I filed on extension: I’ve already filed and paid well in advance of the deadline.)
Some taxpayers may have more time without having to request an extension. In 2016, taxpayers who are entitled to an extension of time to file without having to ask for more time include members of the military and others serving in combat zones or hazardous zone areas who generally have until at least 180 days after they leave the zone to file returns and pay any taxes due. It also includes people affected by natural disasters. Currently, the IRS continues to monitor what’s happening with Hurricane Matthew and will be watching for federal disaster declarations in affected areas that could affect the October 17 deadline.
As always, the IRS urges taxpayers to e-file. According to the IRS, taxpayers who file electronically make fewer mistakes. Of the 147 million returns received by the IRS so far this year, about 87% or 128 million returns, have been e-filed.
Finally, remember, an extension is an extension of the time to file and not the time to pay. That doesn’t mean that last-minute filers may not owe: even if you filed for an extension with payment, you may still owe taxes. The IRS offers many different ways to pay what you owe. If you can’t pay what you owe in full, don’t skip out on filing: check out these options for paying what you owe.
