It’s that time of year to file taxes again – but due to certain circumstances, you have a couple of extra days to file than in other years.

Tax Deadline Slightly Pushed Back

The deadline to file taxes this year is April 18th, 2016.  In the past, when the traditional tax deadline (April 15) appeared on a weekend, then the deadline would be pushed to the following Monday. This year, however, the 15th falls right before Emancipation Day, the 16th. 

Emancipation Day is a federal holiday in Washington D.C. that celebrates Abraham Lincoln signing the Emancipation Act. Because the 16th falls on a Saturday, it will be observed on the next closest weekday, Friday the 15th. Federal employees, including those who work for the IRS, will have that day off. Which, luckily for taxpayers, pushes back the deadline to file to Monday, April 18th. 

Running Out of Time? You Can File an Extension

You may file an extension, but you must do it by the 18th. Just remember, the extension grants you permission to file late, but not to pay late. You should file an extension with a payment estimate of what you owe. Even if you can’t pay the whole amount, remember to pay something to minimize any possible penalties.

Special rules may apply if you live outside the United States or if you are serving in the U.S. military.

Keep Thorough Records

If you’re missing documents and need an extension, make a note of where you had problems so you can eliminate them for next year. Getting your documentation in order months ahead of time will help give you peace of mind. If you are not sure you have everything you need, contact a tax professional. 

Need Help With Taxes?

Working with tax professionals when you file gives you the best chance for filing an accurate return and getting the most out of any possible refund.

We highly recommend you speak with a tax professional for help filing your taxes. PDM’s tax experts can help advise you on the best course of action. Contact us; with our years of technical experience, advanced training, and cutting edge technology, we are your financial partner.