Taxes were due yesterday. Many people struggle to get their tax return filed on time so here is one thing to consider next year if you don’t think you will be able to meet the April 15 deadline: file an extension.
An extension will give you more time to get your documents in place before you file your tax return. However, it is very important to know that any payments to the IRS are still due April 15. Not making these payments on time will result in paying interest and potentially late payment penalties.
One option to consider is paying your tax obligations through an installment agreement. This allows you to pay all of your tax payment just not at one time, which can be very helpful if you are paying late or if you owe a substantial amount. In order to set up an installment payment plan, you have to first file your income tax return.
Filing an extension can seem complicated, but here are a few things to understand about the extension process. You have to fill out Form 4868 and submit it by April 15.
If your extension is approved, you have six extra months to complete your tax return. Tax returns will be due October 15. It is very important to meet this deadline since it is highly unlikely that the IRS will approve any additional extensions.
Tax issues can be complicated. When it comes to your tax return, do not make the mistake of failing to get it right the first time. Working with a skilled tax law attorney can make sure your tax issues are addressed properly.