Can’t File Your Tax Return in Time?

Tax deadline- clock image

Don’t Panic! Here’s What You Need to Know About Extensions.

Life gets in our way sometimes. When those W-2s, 1099s, 1098s and other numbered forms arrive in the mail, we know that taxes are coming due.

Still, with all we have to do, that awareness can get buried.

“We have a few months,” we tell ourselves. “I’ll deal with it later.”

Then suddenly you look up and it’s April 6th! Now, you can’t find the forms you need and have to request they be re-mailed to you.

Don’t press the panic button yet.

There are quick and easy solutions for you if you need more time to prepare your federal tax return. This is great news for procrastinators everywhere!

Extensions Give You Six More Months to File…Not to Pay

If you file for an extension by end of the business day on April 17th, you have until October 15th to file your return. Special rules may apply if you’re in the military or live outside the U.S.

There is one big caveat: This is an extension for filing your return, not for paying the tax that you owe.

Estimate What You Will Owe…and Pay It!

You or your tax professional will need to do a quick calculation so that you have an idea of what you owe first.

Then, you must pay that amount by April 17th with the extension so that you can avoid interest and late-paying penalties.

Estimate how much you owe using your income, taxes you’ve paid, and estimate your deductions. Use last year’s numbers as a guide if nothing has changed. The hardest part will be estimating your tax rate.

The Final Word

Again, you will pay interest and penalties on taxes you owe but don’t pay by April 17th – extension or no extension.

Still, if you can’t get your return in by April 17th,  you do have options.

As always, you can give us a call at (772) 337-1040.  We’ll estimate your 2017 tax liability and file for an extension for you.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as the Enrolled Agent and Certified Tax Resolution Specialist for SFS Tax Problem Solutions.

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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com

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For more on SFS Tax & Accounting Services, visit https://sfstaxacct.com/

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738 Colorado Avenue Stuart, FL 34994

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Phone: 772-337-1040

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https://twitter.com/SFSTax/

https://www.linkedin.com/in/jeffreyschneiderea/

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