2015 Individual Tax Return Extension Deadline is Approaching
Extended 2015 individual tax returns are due October 17, 2016. No additional extension of time is available. If your return was extended, we must have your information well in advance of this universal deadline in order to complete all returns to permit timely filing.
If you are unsure what information is missing please call now. If there is information that is still unavailable (and beyond your control), please provide all of the information immediately that you are able to obtain. We cannot guarantee that your returns will be available for timely filing if any information is received after September 15, 2016.
Please remember that this is an extension of time to file and not to pay any tax due. If you owe tax for 2015 the taxing authorities will assess interest and penalties. Filing sooner will reduce the interest and penalties.
To avoid underpayment penalties for 2016, any combination of withholding’s or timely made quarterly estimated tax payments must equal or exceed the lesser of (1) 100% of 2015 taxes (110% if 2015 adjusted gross income was over $150,000) or (2) 90% of expected 2016 taxes. California has different requirements for high income (over $1 million) taxpayers. Please remember that the third Federal estimated tax payment is due September 15, 2016 (before the 2015 return deadline). There is no third quarter California estimate required in most instances unless you have had an increase in income in the third quarter and are using the current year 90% of estimated 2016 tax safe harbor. If you need help calculating the amount or need an estimated tax voucher, please contact us.
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