6 tips for tax extension filers

July, 01 2018 by Selena Quintanilla, CTEC

Taxpayers who filed for an extension to file their 2017 tax returns should keep in mind that the extension deadline is October 15th, 2018. 
 

Below are some filing tips for extended filers:

• Tax returns should be submitted no later than October 15th to avoid accruing penalties for late filing. 
• Take time to revisit available credits and deductions. With so many available credits and deductions, it's easy to miss possible benefits. Additionally, many benefits for taxpayers who itemize will be dropping off with Tax Cuts and Jobs Act changes going into effect. Claim what you are entitled to while you still can.
• Save a copy of your tax return!  Copies of tax returns and all supporting documents, especially those proving your entitlement to credits, should be retained for at least three years. Keeping detailed records can be beneficial for filing the following year's return and dealing with problem areas that may arise. 
• Elect for direct deposit! If you're expecting a refund, the quickest and most secure way to receive your money is by having it dropped directly into your bank account. 
• If you end up owing taxes, the IRS offers a few online payment methods that can save you processing fees. Though processing fees are usually no more than a few dollars, you can keep those few extra bucks to treat yourself to a post-tax filing treat.  
• Military members are generally given at least 180 days after leaving a combat zone to file their returns and pay any tax due. If you or a family member are serving and need more information about this extension, please visit the IRS.gov.