How to Get an Extension on Your Taxes
With Tax Day coming up in just a few days on April 17th, it is time for you to make some tough decisions. If you have not filed your taxes yet, you can either call your accountant and hope to get a last-minute appointment, download tax prep software and hope you do it right, bang your head against the keyboard while promising not to put it off next year, or join the nearly 10 million taxpayers who are expected to file for an extension. Of those choices, filing for an extension is probably among the easiest to do. So, how do you file for a tax extension and what are the requirements for getting one?
Requirements for Getting an Extension
When filing for an extension, you may find that there are not special hoops to jump through and no extra fee to file for one with the Internal Revenue Service (IRS). To file your tax extension, you will need:
- Your name and your spouse’s name if you are filing jointly
- Your address
- Your social security number
- An estimate of your total tax liability for 2017
- Total of what you have already paid for 2017, including withholding and estimated payments
- The amount you are paying with the extension if anything.
While it is important to remember that there isn’t a fee to file, if you know you may owe some tax money, you should send a payment in with your extension request to avoid interest and penalties later. It is important for you to remember that this is an extension of the time to file, not an extension of the time to pay the taxes.
How to File for a Tax Extension
The IRS knows that there are a few legitimate reasons taxpayers need more time to file. Whatever your reason is to file for a tax extension, you do not need to tell anyone why you are filing since extensions are automatically granted if you follow the rules. To file for an extension, you can use the Free File service on the IRS.gov website or by asking your tax preparer to file one for you.
These tax extensions will give you six more months to get your tax return to the IRS without being subject to the late filing penalty. If you file the extension by April 17th, you will have until before you need to file your return. For more information on filing your taxes or filing your tax exemption, call WeberMessick today!
Filing Your Tax Extension with WeberMessick
Want more information on tax extensions? Contact WeberMessick today! Since 1984, WeberMessick’s team of CPA’s and financial advisors have been helping individuals and businesses throughout the Maryland and Delaware devise a plan for their finances. With a “client-first” philosophy, WeberMessick has been helping their clients achieve financial success. Whether it is through financial planning or our accounting services, WeberMessick is always here for you!