FILING TAX DEADLINE EXTENSIONS
For many of us (especially those stuck in the frozen grip of winter), April 15 seems like a long time away. However, a quick glance at the calendar reveals that, in reality, the income tax filing deadline is only two months away. For many taxpayers, this is not much time to gather, organize, and submit your tax information, especially for self-employed individuals or taxpayers dealing with a unique tax issue this year. As the tax deadline approaches, many taxpayers will find themselves unprepared to file their tax returns on the filing deadline date.
The Internal Revenue Service recognizes that there are situations where the taxpayer, in spite of their diligent attempts to comply with the April 15 tax filing deadline. Therefore, they allow the taxpayer an opportunity to extend the tax filing deadline by filing Form 4868, Application of Automatic Extension of Time to File U.S. Individual Income Tax Return. By filing this form on or before the April 15 tax filing deadline, the taxpayer is automatically granted a six-month extension of time to file the income tax return without incurring a late filing penalty. In certain situations, such as matters involving taxpayers who are living overseas, the extension may be even longer.
When filing a tax deadline extension, the taxpayer must be aware that, while the time for filing the return has been extended, this does not mean that any payment that is owed for tax is also extended to the October 15 date. When filing Form 4868, the taxpayer must estimate the amount of tax that will be owed when the return is finished and pay that amount on or before April 15 to avoid a late pay penalty. If the taxpayer is unable to full pay the amount of tax owed, he or she should pay as much of the tax as possible, as the late pay penalty is a percentage of any unpaid tax.
At Victory Tax Solutions, we can prepare your tax returns and get them timely filed for you. Our experienced staff is ready to assist you with any return that will benefit your situation, and can even help in many cases where you are unable to locate your tax documents for the tax year(s) at issue. If you are unable to pay the full amount of tax, we can also help get you into a resolution that is going to work for you. Call one of our account executives at (877) 772-0123 today!
