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Requesting an Online Extension

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While all tax returns were due on April 17th this year, there are options for those who may have trouble meeting this deadline. For instance, the Free File option allows taxpayers to apply for an automatic six month extension. These extensions are automatically granted, so those who request it will have until October 15th to file their income tax returns. While this extension option gives taxpayers extra time to file their actual returns, it does not give them additional time to make payments. For help filing your own extension or paying off debt to the IRS, you should consider contacting a Florida tax return preparation attorney who can assist you.

Applying for an Extension

Although six month extensions are automatically granted, taxpayers are still required to apply for them by completing Form 4868, which requires specific information, including:

· Personal information, including the taxpayer’s contact information and Social Security Number;
· Information about the taxpayer’s estimated tax liability; and
· Information about residency.

These requests can be made online for free, although taxpayers are also permitted to ask for an extension through tax preparation software or by sending in an actual paper copy.

Paying Tax Debt

It is important to note that even when a taxpayer requests an extension and is given additional time to file a return, he or she will still be required to pay any tax liability by April 17th. Those who are unable to pay the full amount that they owe are still strongly encouraged to file their returns or ask for an official extension by the April deadline, as this ensures that they will not have to pay an additional penalty for filing late, which is often much more expensive than the fine for not submitting a full payment. Furthermore, taxpayers who pay off as much of their tax debt as possible by April 17th reduce the amount that is subject to interest and penalty charges. Currently, the interest rate is calculated at five percent per year and is compounded daily, while the fine for filing late is also around five percent, but is compounded monthly, and the fee for submitting a late payment is only 0.5 percent a month.

Automatic Extensions

Some people are not even required to request an extension to receive it. For instance, disaster victims have until June 29th to file their tax return and pay any tax debt. Similarly, U.S. citizens who live and work overseas have until the 15th of June to make tax payments. However, in this case, interest will still be assessed on payments submitted after the April deadline. Finally, members of the military living overseas automatically receive a two month deadline extension, during which they can file their return.

Schedule a One-on-One Consultation with a Tax Return Preparation Attorney Today

To speak with an experienced tax return preparation lawyer about your extension options, please call Ronald Cutler, P.A. at 386-490-9949. Our Florida legal team is eager to assist you today.

Resource:

irs.gov/pub/irs-pdf/f4868.pdf