Tax season can be a stressful time of the year. Whether you’re waiting on important documents or simply need more time to organize your finances, filing a tax extension might be the right choice for you. Here’s a quick guide on how to do it and why it might be beneficial.
If you’re not ready to file your taxes by the deadline, an extension can help you avoid late filing penalties.
An extension gives you until October 15th to file, providing ample time to ensure everything is accurate and complete.
Sometimes life gets busy. An extension can relieve some of the pressure during a hectic period.
For individual tax returns, you’ll need to fill out IRS Form 4868. This can be done electronically using tax software or by mailing a paper form.
Make sure to submit your extension request by the original tax deadline, typically April 15th.
Remember, an extension to file is not an extension to pay. Estimate and pay any taxes owed by the original deadline to avoid interest and penalties.
Check if your state requires a separate extension form, as rules can vary.
Filing a tax extension can be a smart move if you need more time to gather information or want to reduce the stress of meeting the tax deadline. Make sure to follow the steps outlined above to ensure a smooth process. As always, consult with a tax professional if you have specific questions or concerns.
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.
As always, please contact us for application to your specific situation.
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