You have from January 20 until April 15, 2015 to file your 2014 taxes or file an extension.
Tax season, it’s the best season of all. Okay, we’re joking.
Even if you hate tax season, it’s important to keep in mind the tax deadlines. Knowing the tax deadlines will prevent you from filing late and paying penalties.
The first deadline you should be aware of is April 15. This is the last day to you’ll be able to file an extension or file your tax return by before your tax return is considered late.
April 15th tax deadline
Each year, April 15th is “Tax Day” aka the last day to file a tax return. Americans everywhere scramble to file their taxes on time. Some of these procrastinators don’t even file on time.
That means you have from January 20, 2015 until April 15, 2015 to file your 2014 tax return. If you don’t plan on filing by the April 15th deadline, you should file an extension.
To request an extension, all you have to do is file Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return] and the IRS will grant you an additional six months, until October 15, to file your return.
Do note, however, that the IRS requires you to estimate and pay your tax liability before it will grant you an extension. So even though you may be able to put off all the paperwork, you won’t be able to delay paying.
April 15 is an important deadline for late tax filers too. The IRS only hands out refunds for late taxes three years after the return’s original due date. This means that the deadline to collect a 2011 refund is April 15, 2015. After this date, you’ll no longer be able to claim your 2011 refund.
October 15 tax deadline
April 15th may be known as “Tax Day” but there’s another deadline to keep in mind each year; October 15th. October 15 is not only the extension deadline. It’s also the last day to e-file a tax return.
The e-file system shuts down each year on October 15. That means, you’ll need to paper file a late tax return if filing after October 15.
Did you miss both deadlines?
Although other tax services don’t offer late tax return preparation, you can prepare a late tax return on PriorTax! In other words, if you missed both the April 15 and October 15 deadlines, you can still use PriorTax to prepare your taxes.
Keep in mind however, you’ll need to mail your tax return to the IRS once it’s prepared. Not to mention, if you have tax due, you’ll face penalties for filing late.
Create an account with PriorTax today and you can take care of your taxes!
Photos via 401(K) 2012 on Flickr.
Tags: 2015 tax deadline