Mark Your Calendars: 2016 FINAL Income Tax Due Dates Coming up!

We know, doing your taxes is as much fun as going to the dentist or passing a kidney stone, but here are some important dates to keep in mind:

September 15, 2017 - The final deadline for extended Partnerships, and S Corporation to file tax returns.
September 30, 2017 – The final deadline for extended trust returns.
October 16, 2017 - The final deadline for extended individual returns and C Corporations.

There are expensive consequences of missing an income tax deadline to file your federal tax return this year and the extra time is about to expire.

Simply put, if you did not pay your tax liability by your original return due date, you’ll get hit with three penalties at once:

1. Late payment penalty: typically ½ of 1% of your unpaid income taxes, per month
2. Interest on taxes owed: the federal short-term rate plus 3% with interest compounding daily
3. Late filing penalty (even if you filed an extension): usually 5% of the unpaid income taxes for each month an income tax return is late. This penalty starts to accrue the day after the income tax filing due date and will not exceed 25% of the remaining tax liability.

Need help? Contact Youngclaus & Company today for more information about your specific situation.