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“I’m Not Ready to File”: What You Need to Know about Filing an Extension to File Your Tax Return

Tax season is winding down. The April 15th deadline is rapidly approaching. Those who have yet to file their tax returns are starting to realize that now is the time to get the tax documents in order. With all the stresses of life, when you finally get a chance to sit down and concentrate on gathering and preparing tax documents, you realize that there is not enough time to ensure that your calculations are accurate. In a panic, you begin to think, what I can do!! No need to panic, just file an extension. The IRS grants an automatic six-month extension to file your tax return. The extension is made by filing form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by the initial due date of your tax return (April 15th). Once the extension is filed, you have until October 15th to file your tax return. Keep in mind that an extension to file is not an extension to pay. If you will owe income taxes you are required to pay by April 15th. You have the option of making the payment when you file the extension. Be aware that failure to pay any taxes due will result in interest and possible penalties for failing to pay your taxes by the due date. If you think you need an extension, please feel free to contact our office and we will discuss this option with you.

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