You can’t file your tax returns by the April 15 deadline. Taxpayers have the option to request an automatic extension of six months for filing their tax returns. Taxpayers beware! There’s a catch. An extension is a delay in filing the return. It is not a delay in paying the tax.
To avoid penalties for failure to pay, taxpayers must estimate the amount of tax due and submit payment with extension. The interest and penalties could start accruing from the date of April 15 to the time the tax is paid. A balance owing to the tax office at the time of filing the actual tax return will result in the interest and penalties being reduced.
“If taxpayers are unable to file their tax return by April 15, there are several ways to request an automatic extension of time to file an individual return,”Twila Denton Middlewood, EA, is an enrolled agent at Advanced Tax Centre, Inc. of Rockledge, Florida, and president of Florida Society of Enrolled Agents.
“Most http://www.naea.org”>enrolled agents and other tax professionals can e-file the ‘Application for Automatic Extension of Time to File US Individual Tax Return’ for taxpayers. Or the application can be found on the IRS website (look for Form 4868), which can be printed and then mailed to the IRS. Whether taxpayers use a tax professional or print the application themselves, all or part of the estimate of the income tax due can be paid with a check or credit/debit card or by using the Electronic Federal Tax Payment System.”
You can find information on how to remit payment on Form 4868. The amount paid will determine the fee. You should keep track of the confirmation number you received upon payment.
It is crucial that taxpayers who are certain that they will owe tax and cannot pay their taxes promptly file their returns. Failure to file penalties could be added to failure payment. To minimize penalties, it is best to file the return and an extension, and to remit as much money as possible to either one. Later payment plans might be possible.
You should contact your tax preparer immediately if you receive an IRS notice at any point during the year. You should contact a licensed professional if you have not hired one to prepare your tax returns. The IRS has limited rights for attorneys, CPAs, and enrolled agents (EAs) to represent you. The term “enrolled agent”It is possible for an EA to act as your agent in front of administrative levels of IRS. This means that he or she can speak with or meet with IRS in your place.
Search the searchable to locate an enrolled agent in you area. “Find an EA”Directory at www.naea.org.
