Are you one of those “wait till the very last minute” type of people” better known as a procrastinator? Millions of taxpayers file tax extensions each year thinking that they can delay the inevitable.The IRS is glad to give you an extension if you owe taxes because they are going to charge you penalties and interest in the meantime. If you are due to receive a refund, the IRS will send your payment, and penalties do not apply.
Regardless of when you file your tax return, if you do not pay the tax you owe by the original tax filing deadline of April 18, 2017, the IRS penalties can be severe. The IRS will charge you one-half percent each month on the amount of tax you still owe after the deadline.
If you fail to file a tax return altogether by the extension date, the IRS penalty increases to 5 percent per month, for a maximum penalty of 25 percent. An easy way to avoid the penalty is to make a tax payment before the filing deadline.
We always recommend to our clients and all taxpayers to get everything together and submitted by the April 18th deadline; however, we will file your extensions as needed. At SFS Tax & Accounting services we strive to do the right thing for all of our clients, and we look forward to working with you for many years to come.
Need last minute help with your tax return, call 772-337-1040?
For more information about SFS Tax & Accounting Services visit our website, www.sfstaxacct.com.