Some people have a hard time filing tax extensions. They want to file their tax return on-time. They have always filed their tax return before the April 15th deadline. But there are several reasons why you file an extensions. One of the main reasons for filing an extension is that you don’t have all your tax documents. Especially K-1s from partnerships including LLCs, S-Corps, and Trusts.
However, there are several things to know about filing an extension.
1. An extension is an extension to file your tax return not an extension to pay. Your estimated tax for your extension is still due April 15th if you expect to owe
2. Form 4868 is the form use to file a personal extension. Form 7004 is the form to use partnership returns including partnership returns.
3. Partnership returns are extended until September 15th.
4. Individual returns are extension until October 15th.
5. Some states accept the Federal extensions. Some states do not accept the Federal extension.
Extensions extend the tax return due date. What it does not do is extend the payment. If you owe and you haven’t paid enough tax through withholding or estimates, interest will begin accruing April 15th if you haven’t paid in enough estimated tax.
Oh, it’s okay to file a tax extension. Sometimes life happens.
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