TaxConnections

Ask Tax Question

When my tax preparer tells me I can file an extension what does this really mean? How long can I go beyond April 15th to file and will it cost me more money to delay my filing?

Extension
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Steven Potts JD EA IAR
The caveat about getting an extension is that it is an extension TO FILE and NOT an extension TO PAY. When you file your extension, which generally will allow you to file an individual tax return as late as October 15th, you must still pay, by April 15th, the total of your estimated tax liabilities, whether by with-holdings, estimated tax payments, or as a payment with your extension request. It is better to pay a little too much than not enough as you will be charged interest on any amount not paid by April 15th and, depending on your tax situation, may be charged penalties as well.
Leave a Comment 193 weeks ago

User Photo
Kelly Estep
This is one of the biggest misconceptions in the tax field for a lot of people. All it does is gives you 6 extra months in the event you have not received all of your tax info from say your job or mortgage comp. It is one of the biggest fallacies...IRS can deny the extension, if you don't have a valid reason for it. And yes the amount even if a estimated amount needs to be paid by April 15th...the penalties and interest will start on that date.
Leave a Comment 193 weeks ago



Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA

Principal

User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA

President

User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA

President

User Photo NEERAJ BHATIA, CPA

Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA

Owner

User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Dr. Daniel Erasmus

West Palm Beach, Florida, USA

Managing Partner/EMEA

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today