Hi, I’m Lauren, I’m a tax advisor. And today we’re talking about extensions.
A lot of people are worried that when they file an extension, or if they’ve never filed an extension before, that this puts a target on their back with the IRS. That’s simply not the case, and millions of taxpayers do this each year. For individual filers, the extension deadline is October 15th. Some people may request an extension because they don’t have all of their documents, or they’re still waiting on more documents.
An extension gives you six months to file, but not to pay. The government still wants their money upfront. They don’t like to wait. If you’re anticipating owing a balance, we recommend paying something by April 15th as an extension payment. Otherwise, if you’re not paying enough money in, you may be subject to penalties and interest. For taxpayers that don’t know what they should pay in, it helps to work with a tax professional to help them determine a good amount to send in by April 15th each year. We’d like to hear from you. Comment below with your experiences about Tax Deadline Extensions. Well, that’s all the time that we have for today. I’m Lauren with RetirementHelp.com. We’ll see you next time.
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