Tax Day Stressing You Out? Filing an Extension Could Be Your Answer
April 15th – Tax Day – can be a stressful time for many Americans. You may worry about how much you owe, if you’ve made any mistakes on your return, or if you’ve even filed on time. However, if you’re not quite ready to file your taxes by the deadline, there’s a solution: filing an extension.
An extension gives you extra time to file your tax return without facing late filing penalties. Typically, the deadline to file your taxes this. year is April 18th, but with an extension, you have until October 15th to submit your return. Filing an extension is simple, and you can do it online or by mail.
It’s important to note that an extension only protects you from late filing penalties, not late payment penalties. If you end up owing taxes, you’ll still need to pay them by the original deadline, or you’ll face additional fees. So, if you think you may owe taxes, make sure to include a payment with your extension to avoid any additional charges.
Filing an extension can give you the breathing room you need to get your finances in order and make sure you’re not rushing to file your taxes. It can also be a helpful option if you’re waiting for tax documents or have complex tax returns that require more time to prepare.
However, it’s important to remember that an extension is not a tax payment extension. You must still pay any taxes owed by the original deadline to avoid late payment penalties.
To file an extension, you’ll need to estimate your tax liability and make a payment if you think you owe taxes. If you need assistance with estimating your tax liability or assistance with getting your extension filed, email me at khardge@hardgeconnections.com and put “Tax Filing Extension Assistance” in the subject line.
Don’t wait until the last minute to file your extension. The deadline to file an extension is typically the same as the deadline to file your taxes, so be sure to plan ahead and give yourself enough time to prepare your return.
Also, the IRS has granted tax relief to certain disaster victims which means that they’re allowing you additional time to file without a penalty due to your disaster situation. If you do wind up receiving a letter from them stating that they’re going to penalize you, make sure you write back about your disaster situation.
Have you yet setup your IRS account online? Make sure you watch my video teaching you why everyone should have one, as well as how to set one up. Watch “How to Setup An IRS Account Online“.
In summary, if you’re not ready to file your taxes by the deadline, don’t let the fear of tax penalties keep you up at night. Filing an extension can give you the extra time you need to get your finances in order and submit an accurate return. Just remember to include a payment if you think you owe taxes, and don’t wait until the last minute to file your extension. Take advantage of this option and give yourself some peace of mind during tax season. Even if you’re not able to include a payment, still be sure to submit your extension.
Resource: Extension of Time to File your Tax Return | IRS
I’m Ktasha (“Tasha”), a seasoned expert in small business management and taxes. My expertise lies in supporting small business owners and self-employed individuals like you with tax management and overall business operations. I understand how challenging it can be to keep everything organized and running smoothly when you’re focusing on running your business. That’s why I’m here to help take the weight off your shoulders. I offer tailored service packages, as well as consultation and coaching services, to help simplify your business affairs and reduce stress. Whether you’re an experienced entrepreneur or new to the game, I’m here to help you navigate the complexities of business ownership and operations with ease.
