Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
As a result, at this point, I’m expecting my wife and I will need an extension to file our 2017 taxes. My best estimate at this point is that we will not owe money for 2017 to the federal government, our home state, or the state where our rental property is located.

Aside from filing the extension request by the deadline, are there any key watch outs I should know about?


Do whatever you can to ensure that your 'best estimate' is really correct, as extensions do not mitigate the need to have all taxes paid by the original due date for the return. At least on the Federal level, taxes that are unpaid by that date will result in underpayment penalties and interest being owed, in addition to the unpaid taxes. The state laws may be different, so you would need to check those yourself.

AJ
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.