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Income Tax Extensions

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May 18, 2017
Core Group US
Tax News
Income Tax Extensions

Even taxpayers who try to stay on top of filing can find themselves unable to complete their returns by the deadline. Fortunately, qualifying taxpayers can file for an IRS extension and so avoid any late fees or penalties.

Filing an Extension

If you need more time to track down missing tax documentation or had an unexpected life event and cannot file your taxes by the deadline, you’ll first need to request an official extension from the IRS. Failing to do so could result in the accrual of late fees. Filing an extension allows taxpayers to push the deadline to October 17 of this year. However, it is important to keep in mind that the extension only applies to filing tax documents, so all estimated taxes must still be paid on time. Furthermore, refunds cannot be processed and sent until your tax filing has been completed.

Taxpayers can use one of many online programs to e-file a request for an extension. These programs also notify you when your extension is accepted. You can also choose to print and mail Form 4868 directly to the IRS. Keep in mind that when you file an automatic extension, you’ll also need to include an estimated payment for your federal taxes. If you file online, you can use one of the many IRS-approved payment methods, which allows for credit and debit card payments. If you decide to mail in your request and payment, be sure that your letter is postmarked by April 18 to avoid any fines. It is also important to be careful when estimating what you owe in taxes, as the IRS will reject your extension and assess a late fee if it believes that your estimate is unreasonably low. Furthermore, if you do not pay enough you’ll have to foot the bill for any interest that accrues on what you owe.

Contact a Tax Preparation Professional Today to Learn About Your Extension Options

Sometimes, despite our best efforts, we may just not be ready to file taxes by the end of tax season. The deadline is quickly approaching, so if you are having trouble completing your taxes, please contact an experienced tax preparation CORE team member today. Our Oklahoma City office can be reached by calling 405-288-1206 and a member of our Lawton team is available at 580-353-2376. To speak to a Tulsa representative, please call 918-209-3441.

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