What You Need to Know About a Tax Filing Extension
The national deadline for submitting your annual tax filing is April 15. Businesses are required by law to send their employee’s W2 and 1099 Forms to them by the end of January. Some companies are proactive and send their W2s and 1099s early enough where workers have received them at the beginning of the New Year. At any rate, the official tax season starts in January, but most people aren’t really able to begin the filing process until they’ve received their official forms from their employers.
*NOTE: Not receiving your W2s or 1099 form is a problem. You can learn about what you can do if you haven’t received your W2 from your employer here.
Not receiving your W2s on time can result in delaying the tax filing process that can sometimes lead to not meeting the deadline on time. Here are other reasons you might miss the deadline too. Missing your annual tax-filing deadline can have costly consequences. So if you know ahead of time that you might not be able to make the April 15 deadline, you can call the Internal Revenue Service (IRS) and file for an extension.
How to File for an Extension
When it comes to tax matters with the IRS, there needs to be a trail of paperwork for everything. If you are filing your annual taxes electronically, the IRS has a page that supplies you with links you can use according to the type of software you choose to use. You can access this page here.
Extension to File vs. Extension to Pay
Many people might assume that if you file for an extension, that you automatically have filed for an extension to pay. According to the IRS, the “extension time to file your return does not grant you any extension of time to pay your taxes.” While April 15 is the deadline to file your taxes, April 18 is the deadline to pay whatever taxes you might owe. If you need more time to pay, then you might want to consider hiring a tax relief professional to assist you in filing your taxes on time while arranging some sort of payment option.
Don’t Take the Extension for Granted
Whether you’ve chosen to hire a tax professional to extend your tax deadline or called the IRS and took care of it yourself, the one thing you are expected to do is comply!
If you successfully filed for an extension with the IRS, you are obligated to commit to whatever payment plan you agreed to. Within this extension period, if you default on even one payment, the IRS reserves the right to withdrawal the agreement and hold you to responsible for paying the full amount due—interest and penalties included.
Success Tax Relief
Success Tax Relief is a nationwide fully accredited tax firm committed to helping taxpayers get out of debt while avoiding it in the future. We not only specialize in tax preparation, but also audits, installment agreements and helping entrepreneurs fund their small to mid-size businesses.