Published: Tue, April 17, 2018
Finance | By Loren Pratt

Tuesday is the last day to file taxes for 2017

Tuesday is the last day to file taxes for 2017

So on Tax Day, we should ponder the huge cost of government, while also considering whether it is healthy for democracy when such a small group carries most of the load.

While death only visits once, taxes are an annual certainty.

Kona Ice: Get free shaved ice at Kona Ice on April 17.

As of Friday, the Internal Revenue Service was still waiting for almost 40 million tax returns.

Penalties for those who owe tax and fail to file either a tax return or an extension request by April 17 can be higher than if they had filed and not paid the taxes they owed. But the actual deadline this year is Tuesday, April 17.

About a half-million Montana households file state income-tax returns.

It's official: The last day to settle your federal tax debt without incurring penalties.

The 4-1-1 on extensions.

But filing for an extension can be an option if you're running behind, especially for some of those more complex cases. The IRS anticipates receiving more than 11.6 million requests for extensions, pushing the income tax deadline out to October 15. Monday, April 16, is a Emancipation Day-a federal holiday-meaning Americans got a couple extra days to finish up their tax returns.

For those not well-versed on all things taxes, the extension is filed with IRS Form 4868.

"Filing for an extension doesn't get you an extension to pay", confirms Betterment Head of Tax Eric Bronnenkant.

Some tax professionals believe that filing an extension will lower your chance of being audited by the IRS.

The IRS says that electronic filing is the best way to avoid common mistakes.

"The final day the state will accept tax returns will be May 15th".

"There is a great potential for many negative consequences", Martin warned.

If you file an extension and are due a refund, there is no penalty.

If you are self-employed, you may want to fund a SEP-IRA, solo 401 (k) or Simple-IRA plan.

Also, if you pay the IRS your estimated taxes on the phone or online, you will automatically receive an extension for you to file.

The organization says there is no appointment necessary, all walk-ins are welcomed on a first-come, first-serve basis.

Any tax law changes that happen after the April due date could affect your tax return.

However you are most comfortable doing your taxes, get it taken care of, she said - comparing it to a trip to the dentist.

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