If you have filed your tax return for 2015, great job and we have included some useful tax tips to help planning for 2016. https://www.irs.gov/uac/start-planning-now-for-next-years-taxes
Here are some important tax deadlines to be aware of for the upcoming year.
- September 15, 2016
- 3rdQuarter Estimated Tax Payments for 2016
- October 17, 2016
- Extended 2015 US tax return filing deadline
- January 17, 2017
- 4thQuarter Estimated Tax Payments for 2016
- April 17, 2017
- 2016 Tax return deadline for most taxpayers
What if I have not filed my 2015 U.S. tax return yet?
If you have previously filed IRS Form 4868 and requested a 6-month extension for your income tax return filing, your extended deadline is October 17th, 2016. Note that if you have not requested an extension, you will be charged with penalties and interest from the original due date. You should file your tax return and pay taxes as soon as possible.
- Instructions for Form 1040: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
- 1040 Tax Table: https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
- Pay online: https://www.irs.gov/payments
- Tips if you missed the deadline: https://www.irs.gov/uac/tips-for-those-who-missed-the-tax-deadline
Statute of Limitations on Back Taxes
If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation. In many cases, the IRS has three years from the date a return was due or when it was filed, whichever comes later, to assess how much you owe, and up to 10 years to collect that amount. When a very large item is omitted from the return, the assessment period can last up to six years. However, if fraud or attempted tax evasion is involved or if a return was never filed, then there is no statute of limitations on how long the IRS can take to make an assessment.
If you have any further enquiries, or if you require assistance in filing tax returns, please contact us and we will let you know what solutions are available.