Tax Extensions

Not quite ready to file your tax return by April 15th.  Do you still have the W-2s, 1099s, or itemized deductions sitting on your desk unopened.  With about two weeks to go before the April 15th deadline, there is still time to think about filing an extension. If you file an extension, there are three things to consider:

1.  Determine your expected tax liability based upon your taxable income.  You can also review the prior year’s return to determine your estimated taxable income.

2.  An extension of time to file does not extend your time pay.  If you owe taxes after extending the return, you may have penalties and interest.

3. The tax extension form will need to be mailed on or before the April 15th deadline.

4.  If filing an extension on April 15th, it is recommended that if you don’t it electronically that you send it certified mail.

It is easier to file an extension if you are expecting your tax return to not be completed on or before than April 15th, then it is to file an amended return when you leave a taxable item or deduction off your tax return.  Are  you expecting to file an extension?  If you have a tax question about extensions, please contact me, the IRS, or your tax preparer.




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