It is finally here… April 18th is tax day! The countdown is almost over, folks.
We thought we would make this post all about reminders and deadlines, so you don’t miss anything for tomorrow.
-By tomorrow, April 18th, you need to have either 1) your tax return filed or 2) your extension filed.
One of these two must be filed by tomorrow. However, no matter which one you file, you must pay what you owe.
-By April 18th, your tax return payment is DUE. That means, even if you file an extension, you must pay the IRS to avoid penalties.
Again: even if you file an extension for your tax return, you must pay the IRS tomorrow. If you do not know the amount owed, make an estimated guess and pay that by tomorrow. You can also set up a payment plan with the IRS.
-Estimated tax payments for 2017 are due tomorrow.
For those who must make quarterly payments, tomorrow is the deadline for the first quarterly payment for 2017, followed by June 2017, September 2017, and January 2018.
What is the IRS penalty for not paying your taxes on time?
If you do not pay your taxes by April 18th, there will be a failure-to-pay penalty of 1/2 of 1% of your unpaid taxes. That penalty applies for each month after the due date, and starts the day after the due date, April 19th.
What is the penalty if I file late?
The penalty for filing taxes late is usually 5% of the unpaid taxes each month or part of the month that the tax return is late. It starts accruing April 19th, and will not exceed 25% of what you owe.