As April 15th approaches, marking the official deadline for tax filings in the United States, many of us find ourselves navigating through receipts, forms, and possibly a bit of stress. Do not panic, you can apply for an extension!
What is a Tax Extension?
It’s important to note that this extension is an extension of the period to file your return (not to pay their taxes), this is also known as an automatic extension where there is an added 6-month extension of time to file your return. Reasons for requesting may include unexpected changing events, shortage of forms/documents, and disorganization.
Benefits of Filing for an Extension
Late filing penalties? Let’s talk about the advantages of filing an extension. By submitting before the deadline, you can reduce penalties or avoid them altogether, as well as gain additional time to locate any missing documents.
How do I File for a Tax Extension?
You can qualify in one of three ways: through an automatic extension, being outside the United States, or serving in a combat zone. By including Form 4868 with your tax return—regardless of whether you’re filing on your own or with the help of a professional tax preparer—you can extend your filing deadline by six months, shifting it from April 15th, 2024, to October 15th, 2024.
Implications of Filing for an Extension
Filing an extension does not mean that you are filing an extension to pay your taxes! As a taxpayer, you are expected to pay any owed taxes by the original tax filing deadline to avoid penalties and interest. However, the failure to pay the penalty is 0.5% of unpaid taxes for each month or part of a month the tax remains unpaid. Don’t stress, the penalty won’t exceed 25% of your owed taxes.
See more on Penalties HERE
We highly encourage you to consult with a professional tax preparer if you are unsure how to proceed. If you’re ever in doubt or find yourself second-guessing, feel free to utilize our secure tax preparation App or simply give us a call. We’re here to assist you every step of the way.
We hope this guide has illuminated the path to filing for a tax extension and has made the process a little less daunting. Taxes can often feel overwhelming, but remember, you’re not alone. There’s always help available, and sometimes, all you need is a little more time to get everything in order.
If you’re feeling unsure or if your tax situation is complex, don’t hesitate to reach out. Our team is here to assist you with personalized advice and support, ensuring that you can navigate this tax season with confidence and ease. Contact us today to schedule an appointment or to ask any questions. Remember, planning ahead can save you time, money, and stress.
Lastly, if you found this post helpful, please share it with your friends, family, or anyone who might benefit from this information. Tax season is a journey we all embark on, but with the right resources and support, it doesn’t have to be a solitary one.
Have you ever filed for a tax extension? We’d love to hear about your experiences and any tips you might have for fellow readers. Share your stories in the comments below!
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