The deadline to file your 2018 individual tax return is fast approaching. If you have not filed your tax return, you may need to consider filing an extension prior to April 15, 2019. An extension is a way to ask the Internal Revenue Service for an additional six months to prepare and file your tax return. However, an extension of time to file is not an extension of time to pay. Any tax due for 2018 still needs to be remitted to the IRS by April 15, 2019. Payments of tax made after April 15th are subject to penalties and interest. If you fail to file an extension and file your return after April 15, 2019, late filing penalties will apply if you owe tax.
As always, consult with your tax professional at Ketel Thorstenson about these or other tax matters because each situation is different. Don’t navigate the difficult and ever changing tax codes and legislation on your own. Ketel Thorstenson CPAs and tax professionals receive advanced training and continuing education all year long to keep our service on the forefront of the tax industry. Call us today for guidance on tax planning, tax return preparation, and/or Tax Reform (the Tax Cuts and Jobs Act) affects or questions.