The countdown is on. In exactly two weeks, the tax deadline
will be here.
So, if you’ve been too busy following the basketball championships to find
time to file your taxes by April 15th, your answer may be yes to filing an
extension this year.
Over 10 million people and 5 million businesses file for
extensions. Here is why you may need to as well.
threw a curveball. Natural disasters, divorce, or a death in the family can
easily throw you off track. An extension can help ease your situation and take
the burden off your shoulders.
paperwork. Don’t worry if the dog ate your W-2 and you’re still waiting on
a new one in the mail. If you need a
little extra time to get yourself together, an extension gives you 6 extra months
to submit your tax return.
pay. If you can’t make the required payment for what you owe, file your
taxes on time anyway. Extensions only give you more time to get your paperwork submitted to the IRS, not
more to time to pay. The penalty for not filing on time is 5% per month up to a
maximum of 25% of the balance due. Additionally, failing to pay results in interest
on the amount you didn’t pay by the April 15th deadline.
An extension gives you until October 15th to file your return.
To file for an extension, electronically submit or mail Form 4868 by April 15th to the IRS. You can also make a payment of all or part of your income tax due through
the IRS payment system.
To find a local Liberty Tax office where you can get
additional information on how extensions work, use our office locator or call 1-866-871-1040.
Disclaimer: Every effort has been taken to provide the most
accurate and honest analysis of the tax information provided in this blog.
Please use your discretion before making any decisions based on the information
provided. This blog is not intended to be a substitute for seeking professional
tax advice based on your individual needs.