Did you know we are officially closer to the six-month deadline for filing taxes than the original April 15th deadline? Are you ready for filing?
The Basics:
Let’s talk about the facts regarding filing extensions. In the United States, taxpayers who need extra time to complete their federal income tax returns can request an extension using IRS Form 4868, "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return." This form must be submitted by the original tax filing deadline, typically April 15, and grants an additional six months to file income tax returns, moving the deadline to October 15.
What most don’t realize is that this is just an extension on filing your paperwork and not an extension on paying taxes due. Taxpayers are still required to estimate and pay any taxes by the original April deadline to avoid interest or other penalties.
The Extension:
To gain an extension on filing your tax paperwork, residents must fill out IRS Form 4868 “Application for an Automatic Extension of Time To File U.S. Individual Income Tax Return" by that April 15th deadline. The process of filing the extension has been made as simple as possible (by the standards of the U.S. Government that is). All taxpayers need to do is file Form 4868 either through the IRS’s e-file system or through the mail.
While this process is straight forward at the federal level it is crucial to note that this process varies at the state level by the state(s) you are filing your taxes in. Dominique Young Law P.C. strongly recommends consulting a tax professional when dealing with state income tax extensions due to this.
Special Circumstances: Military and Disasters:
Military service in combat zones or living in a federally declared disaster area, can in certain cases allow taxpayers additional time beyond the standard extension period of six months. For example, members of the military serving in combat zones are often granted automatic extensions, while those affected by natural disasters may receive special considerations from the IRS. These provisions are also incredibly specific to a case-by-case situation and should not be considered the norm by any means. Military extensions, while automatic if in an active combat zone, are also not an excuse to not pay your estimated taxes on time.
Wrapping Up Your Taxes:
Failing to pay taxes by the original deadline can result in penalties and interest on the unpaid amount. Additionally, failing to file the return by the extended deadline can lead to even more penalties. Due to this, it is in the taxpayer's best interest to not only request an extension if needed but also to pay any estimated taxes on time. For more detailed information onr specific cases, consulting a tax professional is highly recommended to make this year’s extended tax season less stressful for you.
Do you or a loved one have an issue with your federal taxes and need a lawyer? Don't wait, contact Dominique Young Law P.C. today to schedule your initial consultation. Dominique Young Law does charge for initial consultations so contact the firm today for pricing specific to your needs.
DO NOT REPORT INCOME TO THE IRS THAT YOU DID NOT EARN. DO NOT UNDERREPORT INCOME TO THE IRS TO LOWER YOUR TAX OBLIGATIONS. IF YOU PUT THE APPROPRIATE MONEY ASIDE IN THE APPROPRIATE ACCOUNT, YOU WILL ALWAYS HAVE ENOUGH TO PAY THE APPROPRIATE AMOUNT OF TAXES EVERY YEAR, WITHOUT SCHEMES AND SCAMS.
Please note t
his blog post does not substitute an attorney-client consultation. The firm does not accept professional responsibility or liability for any matter unless, and until, there is an appropriate fee and representation agreement between the firm and the client. The firm is licensed to give legal advice in Florida and Georgia however, Intellectual Property and U.S. Tax Court services are federal practice areas.
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