FILING INCOME TAX RETURN : WHERE AND WHEN

Deadline for filing tax returns

The yearly deadline for the filing of tax returns is on April 15th every year. If you are not sure that your tax returns will be prepared on time, you can request for an automatic extension of time to file your return. Asking the assistance and advice of a New York Tax Attorney can help you obtain an extension of time to file your tax return.

Filing applications for extension of time to file return

There are the three ways by which you can gain an extension of time within which to file your return.

  • An individual income taxpayer can electronically file an Application for Automatic Extension of Time to File a U.S. Individual Return.
  • You may fill up and file a Form 4868 and send it to the Internal Revenue Service by ordinary mail.
  • You may also pay all or part of your tax due by using your credit card or by using the Electronic Federal Tax Payment System. Paying the taxes due will serve to give you an extension to file the return.

Effects of obtaining an extension of time to file a return

You may file an application for extension of time to file a return through the filing of a Form 4868 through the internet. You will receive an acknowledgment or confirmation number which you must keep for your records.

Asking for an extension of time to file a return is not the same as seeking an extension of time to pay taxes. You need to file a separate application for an extension of time to file your taxes. You may apply to pay your tax in installments or you may seek a compromise of the amount you need to pay.  If the application is granted you will be given a period of 2 to 4 months within which to pay your taxes.

How to file a return

You may file a return electronically, however, choosing this method of filing your return will allow you to file a return without enclosing a check payment.  You may also file a return through the mail. Choosing this method will allow the taxpayer to send in a check payment along with the filing of his return.

If you have not filed a return and you have not asked for an extension of time to file a return, your return is past due. You must file the past due return just the same.  File the past due return in the same way that you usually file a return.  File your return even if you cannot pay your taxes or you cannot yet pay your taxes in the full amount.

If your home state is New York and you are not enclosing a check payment with your return, you must file your return with the Treasury Department.  If you are enclosing a check payment with the filing of your return, you must file your return with the Internal Revenue Service in Missouri.

Consequences of failing to file a return on time

There are legal consequences when you fail to file a return promptly.

First, your past due return will be levied interest charges and penalties for late filing.  Second, if you fail to file a return, you will not be able to claim a tax refund or a tax credit.  Third, if you are self-employed and you do not file a return, the IRS will not be able to report any income you earned to the Social Security Administration.  You cannot receive retirement or disability benefits from your social security as the Social Security Administration does not have a basis to determine your income.

Fourth, when you apply for a loan, lending companies and banks usually ask for photocopies of your tax returns as proof of your income.  Without filing a return you will not have any proof of the amount of your income and the lending company cannot assess whether you are able to pay for the amount you are seeking to borrow.

File your income tax returns promptly on or before the 15th of April. Pay your taxes on time as well. Should you need the assistance and advice of a New York Tax Attorneywe at the Maxwell Law Firm, PLLC assist clients with filing tax extensions, tax return preparation, amendments, tax collection defense, tax settlements, and other services. If you need assistance please feel free to call us at 718-701-0095 to discuss your options.