Are You Ready for April 15th? No? Read This!
The deadline for filing your taxes is coming up… are you ready? If you’re not, file for an extension with the IRS, and postpone filing your return for up to six months. If you’ve never done this before, or if you have questions, here is some information you’ll want to be aware of.
Does Filing an Extension Mean I Don’t Have to Pay My Taxes?
The short answer is no. If you owe taxes, you can prevent the late penalty for filing after the due date, but you will still be held responsible for any taxes owed, and any interest that the IRS charges after the due date. If you know you will have to pay with your return, you can send payment with your extension request and get credit for that payment amount towards your final tax bill.
Do I Need an Accountant to File an Extension?
You can file an extension yourself, using IRS form 4868 if you are an individual, and IRS form 7004 if you need to file an extension for your business. Most people, however, wish to take the advice of an accountant when it comes to filing taxes, to make sure that everything is in order, and that nothing is overlooked.
Do I Need to Explain Why I’m Not Ready to File On Time?
Actually, you don’t. There are many reasons why a person may want to delay filing. Perhaps they do not have their documents in order. They might be waiting for additional information. They may have left it too long, and now they don’t have the time to pull everything together. The IRS does not require you to give a reason, but it is possible that they do not honor your extension request. This instance is one situation that may occur where it’s good to have an accountant handling your tax business.
Is There a Deadline for Filing an Extension?
Yes, it’s the same as the deadline for filing if you do not request an extension. Monday, April 15th, 2019, is the day by which all tax forms or extension filings must be submitted. An extension can be filed by mail, or by a certified e-file provide, of which JStevens Accounting is one. If we can help you file an extension, or answer any other tax-related questions for you, please let us know.
We would love to help you sort through the income tax maze and ensure that you get everything filed completely and on time, even if it’s through filing an extension. Give us a call today!