Tax Attorneys at Ainer & Fraker, LLP Discuss the October Extension Deadline for Individual Tax Returns:
- October 15 is the extended due date for filing 2012 federal individual tax returns.
- Late-filing penalty for individual federal returns is 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. A separate penalty applies for filing a state return late.
If you could not complete your 2012 tax return by the normal April filing due date, and are now on extension, that extension expires on October 15, 2013, and there are no additional extensions. Failure to file before the extension period runs out can subject you to late-filing penalties.
There are no additional extensions, so if you still do not or will not have all of the information needed to complete your return by the extended due date, please call the office so that we can explore your options for meeting your October 15 filing deadline.
If you are waiting for a K-1 from a partnership, S-corporation, or fiduciary return, the extended deadline for those returns was September 16. So, if you have not received that information yet, you should probably make inquiries.
Late-filed individual federal returns are subject to a penalty of 5% of the tax due for each month, or part of a month, for which a return is not filed, up to a maximum of 25% of the tax due. If you are required to file a state return, and do not do so, the state will also charge a late-file penalty.
If this office is waiting for some missing information to complete your return, we will need that information at least a week before the October 15 due date.
Please Contact a Tax Attorney at Ainer & Fraker, LLP immediately if you anticipate complications related to providing the needed information, so that a course of action may be determined for avoiding the potential penalties.