As the countdown to the tax deadline continues, taxpayers may be desperate to file their tax return as quickly as possible. While it is important that you file your tax return on time, it’s also very important to make sure your tax return is correct and accurate when you do file. If you do not think you are going to be able to file your tax return accurately, you need to file an extension. This will give you an additional 6 months to file your tax return.
If you don’t have all your documents together, are still calculating your deductions, or just don’t have the time to file your tax return, go ahead and file for an extension. Filing an extension helps you avoid paying penalties for filing a late tax return. Filling for a tax deadline extension does not cost and will not count against you when you file your tax return. Now while filing an extension gives you more time to file, it does not give you more time to pay your taxes. If you know or believe you will owe money this year, you must pay it by April 15th or you will face penalty and interest. If you aren’t sure how much to pay, try to calculate as much as you can and pay that amount. If you pay at least 90% of taxes owed, you could possibly avoid failure to pay penalties. So make sure to check to see if you owe before filing an extension so you don’t miss the deadline to pay.
The tax deadline to file your federal tax return and pay whatever taxes owed is April 15th, 2019. If you need more time to file your tax return, you can file Form 4868 which will give you 6 additional months to file your 2018 tax return. If you need help filing your taxes or don’t think you can afford to pay the taxes you owe, Polston Tax can help! Our team of tax attorneys and tax accountants can help you file your tax return quickly and accurately and then negotiate a payment plan for you with the IRS to help you pay off your tax debt. Give us a call at 844-841-9857 or click below to schedule your free consultation.