With approaching tax deadlines, many people have already filed and might have even received their refunds. However, some individuals and businesses are not prepared to file their taxes for whatever reason. In this situation, you should never simply ignore the deadline. Instead, take the time to file a tax extension.
Tax laws are constantly changing in recent years, making it confusing for many filers who want to make sure they do it right. If you are unable to make the deadline, you can file an extension, which gives you an extra six months to file your returns. The new deadline for your taxes will be October 17, 2022, if you file the extension. There is not an opportunity to extend the deadline again past October, however, so you will need to be ready to file by then.
You fill out a simple form and submit it to the IRS. However, there is one aspect of filing an extension that many people do not realize. Even though you do not need to finalize your returns by April 18 if you file an extension, the IRS still requires you to pay your tax liability by then. If you file an extension without making tax payments, you might owe interest on any late tax payments.
If you are wondering whether filing an extension is the right move, never hesitate to speak with a San Francisco tax attorney. We can inform you of your options.
Speak with a San Francisco Tax Lawyer Today
SF Tax Counsel handles all tax-related legal matters, including helping to prepare complex business and international tax documents and returns. We also help parties who face difficulties with the IRs due to audits or unpaid taxes. Contact us online or call 415.318.3990 to discuss our services and how we can help you.