Did you miss the Tax Deadline April 2016?
Although midnight on April 18th is the day you or your accountant should have submitted your 2015 Tax returns into the government, you still have options.
If you missed the date to file by April 18th the government allowed you to file an extension. The state extension had to be filed by April 18, 2016 giving you until October 17, 2016 to file your returns. This means you MUST have your 2015 taxes filed by October 17, 2016.
If you missed the April 18th deadline to file your extension you can still file your tax return past the deadline. After your tax return is accepted by the IRS you can file a tax amendment to make changes, there is no deadline for this but there is a three year limit to claim any refunds.
If you missed the deadline and taxes are owed it can be costly, resulting in penalties and interest charges. If you filed an extension, the IRS reduces the penalty on any unpaid balance due from 5% down to ½% per month through October 17th. Unfortunately Michigan does not do this, there penalty stays at 5% per month whether you file an extension or not. So why file a Michigan extension? They are essentially just to send a payment in if you feel you are going to owe money when your return is completed.
If you expect a refund and do not file on time, there is no tax penalty but it could result in you losing your refund. Your federal tax return must be filed within three years of the due date and the Michigan return must be filed within four years of the due date.
Here are the main points to remember and to get more information on your personal taxes or business specifically contact us
- There is no deadline for past due previous year tax returns
- In order to claim a tax refund, you must file a tax return within 3 years of the original due date
- If you wait past 3 years your tax refund is forfeited
- If your taxes are past due and you owe for previous tax years you will be charged late filing fees and late payment penalties, plus interest
If you have more questions about Tax Deadlines please Contact our Accounting and Tax Experts at Comprehensive Accounting at 248-476-7447, located at 33930W. 8 Mile Rd. Suite 1B Farmington Hills, MI 48335.