Important Information about Filing Your Tax Extension

The deadline for filing individual tax returns is in a little over two weeks, so if you’re just starting to gather your documents, you may be feeling the strain of trying to meet that filing deadline. But there is a simple way to give yourself a little bit of breathing room–file an extension. The process is fairly simple and very quick to complete. However, there are a few things you should know in advance.

How It Works

Requesting an extension takes only a single form, and virtually everyone who requests an extension is approved. This gives you an additional 6 months to gather documents and complete a full tax return; your new filing deadline will be set to October 15th. If you’re working with a tax preparer in Provo, and you want to have a little more time to file, simply ask them to file an extension on your behalf.

Making a Payment

There is one important factor related to filing an extension that many people overlook–paying an estimate. Filing an extension grants you an additional 6 months to file and waives any late filing fees until that time. However, it will not waive late payment fees. In order to avoid those added fees on your tax return, you need to make an estimated payment, if you believe you will owe.

Calculating how much you should pay when filing your extension is arguably the most difficult part of the process. So if you need assistance with this calculation, contact us at Biesinger & Kofford CPAs, and we’ll have a tax preparer in Provo assist you with determining your estimated payment, as well as filing the extension request. Call us today to make an appointment, and we’ll ensure that your extension and payment are submitted as soon as possible.