If you are one of the 14 million taxpayers who requested an automatic 6-month extension to file your 2017 tax return, the extension runs out on Oct. 15. Extensions can’t exceed six months unless the taxpayer is abroad or located in a federally declared disaster area. Currently, taxpayers in parts of California, North Carolina, South Carolina, and Texas qualify for this relief.
Also, the Tax Cuts and Jobs Act passed in December 2017 will most likely affect your 2018 taxes. Now is a good time to work with your CPA and calculate an estimate of your 2018 income tax. It is also recommended that you complete a quick “payroll checkup” using the IRS Withholding Calculator to determine if a withholding adjustment is necessary.