If you are an American living and working abroad here in the UK, you might have filed for an extension on the April 15th tax deadline. If so, your US tax returns are due soon. October 15, to be exact. However, since you live and work abroad, you are entitled to request an additional two month extension, making your tax returns due by the 15th of December. For some, the additional two months extension can be very beneficial, especially if they have complicated tax returns and are struggling to fill them out and file them in time.
If the above scenario sounds familiar, you are not alone. In fact, nearly 15 million taxpayers submitted Form 4868, asking the US Internal Revenue Service for an extension on filing their federal taxes this year. But with the federal tax extension deadline being October 15, US taxpayers have less than two weeks to file their tax returns to avoid penalty. If you are still struggling to meet the new tax filing date, help is available.
Automatically File An Additional Extension
British American Tax works with thousands of Americans living and working in the UK, preparing, filing and submitting their tax returns to the proper IRS agencies. With the new tax code, which President Donald Trump signed into law in December 2017, filing taxes has become even more confusing for many and the tax experts at British American Tax can help you understand the US tax forms and ensure that your tax returns are accurate and filed on time.
To make filing your taxes under the US tax extension law this year even easier, British American Tax can automatically file an additional extension, available only to Americans working abroad.
What Happens If You Miss The Tax Extension Deadline?
US taxpayers who don’t file by Oct. 15 might face even higher penalties than in the past. These penalties could include a “failure to file” penalty of 5% a month on your unpaid tax bill for up to five months, maxing out at 25%, and an underpayment penalty which will continue to run at 0.5% per month beyond that.
Don’t file your taxes late and face an IRS penalty, contact the tax professionals at British American Tax today!
Contact British American Tax
To learn more about the 15 October deadline for us tax returns on extension, contact British American Tax today and consult with an expert tax advisor who can answer any questions you might have about taking a pro-active approach to your tax planning.
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