Published on 4/7/2016
Written by: Paul Bogdanoff,CPA, Stacia Getz, CPA
Yes, the federal income tax filing deadline is slightly later than usual this year — April 18 — but it’s now nearly upon us. So, if you haven’t filed your return yet, you may be thinking about an extension.
Filing for an extension allows you to delay the filing of your return until the applicable extension deadline:
However, the filing of an extension does not extend the time for the payment of any tax that may be due with that return. Tax should be paid with the extension request as outlined below. Remember, if the tax that is due with that return is not paid with the extension, then the taxing authorities have the right to deny the request for extending the return and assess a late filing penalty as well as a late payment penalty.
An extension may be electronically filed or you may mail the extension request to either the IRS or the state taxing authority. In today’s world, with more and more people working in several states, remember to file an extension in every state that may require a tax return.
While filing for an extension can provide relief from April 18 deadline stress, it’s important to consider the perils:
A tax-smart move?
Filing for an extension can still be tax-smart if you’re missing critical documents or you face unexpected life events that prevent you from devoting sufficient time to your return right now. Please contact the tax team at Bogdanoff Dages and Co., P. C. if you need help or have questions about avoiding interest and penalties.