Tax time is stressful as it is, but there’s no reason to panic if you cannot file by April 18. There’s still time to get an automatic six-month deadline extension. Note that the IRS approves extensions as long as you submit the application by the due date for the tax return.
Remember that even if you file for an extension, you are still required to pay any taxes you owe by the April 18 filing deadline. An extension gives you more time to file your tax return, but not more time to pay the taxes you owe. You will be charged interest on any taxes you owe and do not pay by the filing deadline. If you are unable to pay on time, contact the IRS to set up a payment plan or installment agreement.
Next step after your extension? Mark October 15th down on your calendar and bring your tax documents to your CPA with plenty of time to spare!
Give us a call so we can discuss whether or not an extension is right for your situation.
Go to Extension Forms
As always, please contact us for application to your specific situation.
The information contained in this newsletter is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. For more information or for assistance with any of your tax or business concerns, contact our office.
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