Should you take advantage of this extension?
This year, you have until April 18, 2016, to file your 2015 individual federal income tax return and pay any balance due. If you live in Maine or Massachusetts, you have until Tuesday, April 19, to file and pay.
Here's why. The normal due date – Friday, April 15 – is Emancipation Day. That's a holiday in the District of Columbia, so the tax filing deadline shifts to Monday, April 18. However, Monday, April 18, is also a holiday (Patriots' Day) in Maine and Massachusetts. That means if you live in either of those states, your deadline moves to April 19. The extended due dates apply whether you file electronically or on paper.
In addition to income tax returns, the extended due dates affect:
- Requests for the automatic six-month extension that gives you until October 17, 2016, to file your 2015 tax return.
- Tax year 2015 balance due payments.
- Individual estimated tax payments for the first quarter of 2016.
- 2015 contributions to a Roth or traditional IRA.
Does the extension mean you should wait to file? Generally, no. While having additional time to prepare your taxes may seem like a relief, waiting until the last moment can delay your refund or cause you to make mistakes. If you have all your information, schedule an appointment to have us complete your return. Then you can spend those extra days relaxing.