Tax Extensions: Understanding the Process
People request tax extensions for a wide variety of reasons. Whether due to personal illnesses, family tragedies, financial difficulties, or any other type of emergency, tax extensions are not uncommon. If you find yourself in a situation where you need to file a tax extension, you should first consult a professional. Not everyone knows how to file a federal tax extension, but we can help you through every step of the way. At Tax America Services, we have a team of professionals consisting of qualified accountants, CPAs, tax attorneys, and enrolled agents who will help you file your taxes without any hassle. No matter your situation, we are here to offer comprehensive tax preparation and tax resolution services.
The Purpose of a Tax Extension
Tax extensions are intended to allow taxpayers more time to gather all the necessary information so they can file a complete and accurate tax return, without making mistakes or losing relevant information. However, some people procrastinate and use the extended deadline to delay their responsibilities. If possible, avoid this route as much as you can. Extending the due date without careful attention will only result in higher fees, penalties, and interest accumulated on the taxes owed.
Who Can Obtain a Tax Extension?
Anyone can obtain a tax extension. You are eligible for an automatic six-month extension for your federal tax return as long as you file IRS Tax Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Keep in mind that this is an extension to file the return, not an extension to pay the taxes owed. This means you are responsible for the taxes due within the six-month period. When you submit IRS Tax Form 4868, we recommend that you include payment of the taxes owed to avoid excessive penalties, interest, and late fees that would otherwise accumulate over time. As long as you file IRS Tax Form 4868 before April 15 (last year it was the 17th), you are eligible for an extension.
How to File a Tax Extension
At Tax America Services, we simplify the tax extension filing process. When you come to us, we’ll discuss your current financial situation, your options, and the best course of action. If we decide that a tax extension is the best action to take, we’ll handle all the busy work for you. We choose one of three ways to obtain a tax extension. You can file Form 4868 on paper by mail, electronically file Form 4868 online, or pay all or part of your income tax that you might owe with a credit or debit card using the Electronic Federal Tax Payment System. We’ll review your options together and show you how to file a tax extension online.
Remember that tax extensions give you more time to file your tax return, but they do not extend the deadline for paying the taxes you owe that year. Regardless of your circumstances, you are expected to pay your income taxes to the IRS on time to avoid penalties and interest. Do not use this as an option to avoid paying your taxes, as this will only worsen your situation. If you need help, contact our tax professionals at Tax America Services to take advantage of our hassle-free tax resolution services.
If you need more time to obtain your tax information, don’t hesitate to consult us about a tax extension. Do not postpone your taxes until the last minute; we are here to help you along the way.
Preparing Your Taxes with Tax America Services
If you choose to work with us earlier in the tax season, you may not even need to file a tax extension. We make the tax preparation process simple and efficient so you can rest easy. The Tax America Services expert team has worked with thousands of individuals and businesses to help them successfully file their taxes. We are dedicated to providing affordable tax preparation services that make your tax extension a success. Don’t worry about IRS penalties and surprises with our team by your side.
We offer a flat rate for our services. At Community Tax, we believe that tax filing services should be affordable. That’s why we adapt our services to accommodate your budget, whether you have a tax extension, tax lien, levy, or accounting and bookkeeping needs. Our dedicated team of professionals is here to help you every step of the way towards your goals. Below is a step-by-step guide on how we will help you prepare your taxes during the tax extension process.