TaxConnections

Login | TAXPAYERS | TAX PROFESSIONALS-START HERE

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 277 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 277 weeks ago

Meet Leading Tax Advisors

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John L Stancil

Tax Advisor/CEO

Lakeland, FL

User Photo John R Dundon, II EA

Tax Director

Denver, CO

User Photo Kevin Johnson MS, JD, LL.M, CPA

Partner

Philadelphia, PA

User Photo Brian Weaver, CPA, MBA

Managing Tax Consultant

Des Plaines, IL

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, CA

Title

User Photo Clinton J Donnelly, LLM

International Tax Advisor

Panama City, Panama

User Photo Jim Marshall, EA

President/ Tax And Financial Advisor

Scottsdale, AZ

User Photo Brett A Thompson, JD, CPA

Managing Tax Lawyer

Katy, TX

User Photo Charles Woodson, EA

Tax Advisor/Fiduciary Coach

San Diego, CA

User Photo John Richardson

Tax Lawyer

Toronto, Canada

User Photo Clifford Benjamin

Senior Tax Principal

Daytona Beach, FL

User Photo Kazim Qasim, EA, CTC

Managing Tax Advisor/CEO

Orlando, FL

 

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

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today