![]() An honest mistake such as forgetting a digit of your Social Security Number or an intentional oversight such as misstating your income will raise a red flag with auditors, not an extension. I will be on the IRS “watch list” or my return will be red-flagged by the IRS.įailing to file or making mistakes on your tax return – honest or intentional- will cause an auditor to take notice. The best reason to file an extension is to obtain additional time, allowing you to obtain professional advice and gather necessary reports to ensure you are filing an accurate return. Some say it increases, while others say it decreases the risk. We have listed some of those misconceptions below and have included commentary to help you make a more informed decision about your choice to file an extension. Many people have a lot of anxiety around filing an extension, stemming from some common misconceptions about the process. With an extension, your deadline to file a tax return is extended to October 17, 2016, but you still must pay your estimated tax due with the extension. You can extend your deadline to file by six months using Form 4868. Residents in Maine and Massachusetts will have yet another day until Apto file because these states observe Patriots Day on April 18.Įven though the majority of us have the 3 extra days to complete and file our tax returns, many may still need additional time and will file for an extension. ![]() Therefore, the filing deadline for the majority of the nation has been moved to the following Monday, April 18, 2016. Emancipation Day, an official public holiday in the District of Columbia usually falls on April 16, but when April 16 is a Saturday – which it is this year – Emancipation Day moves to the previous day (Friday) which happens to be the usual federal filing deadline of April 15. The IRS has given us 3 more days to file a tax return this year due to an unusual bit of timing.
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