Need more time to file your taxes?
Whether you are still waiting on a needed form, or just know you won’t have time to file your taxes before the deadline (April 18), you might be considering filing an extension. If this is unchartered territory for you, there are a few things you should keep in mind.
- Extensions give you until October 16 to file your taxes; however, they do not give you an extension on paying your taxes. You still must estimate and pay your taxes before the April deadline to avoid late penalties and fees.
- You can use IRS Free File or Form 4868 to file an extension. Keep in mind, you must mail Form 4868 before April 18.
- If you’re avoiding filing out of fear you won’t be able to afford your tax bill, the IRS offers installment plans. In order to qualify for a plan as an individual, you must owe less than $50,000. Businesses can qualify for the plan if they owe less than $25,000. Keep in mind that you must file your taxes in order to qualify for these plans. Remember, it is better to set up a plan than be hit with a late filing or late payment fee.
If you have any questions about filing an extension, or need assistance in the process, please reach out and set up an appointment. We are happy to assist!
