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Insert Currency into the Demand For Extension Of Payment Date

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Aug 6th, 2022

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How to Insert Currency into the Demand For Extension Of Payment Date

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and today we are talking about tax day seven on your sides Michael Finney is here with me and on a normal year Michael wed be exactly one week away from the deadline right right but right for most of the people here in California taxes arent due for another six months but were still going to talk about it because theres so much to know there is and theres a lot of good reasons to file now oh okay well lets talk about that because right now we want to talk about the extension and what you need to know Larry Pond of pond and Associates joins us now thank you so much for being here we have a lot of questions for you Larry hello Karina Mike all right so first lets talk about that extension because you know so many people have questions about it uh Larry can you tell us who is impacted and what that extension just means overall right so normally taxes are due April 15th and thats been um the rule for for decades well April 15th is Saturday so then we go to the closest Monday which i

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Does filing an extension mean you can pay later?

An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties. You must file your extension request no later than the regular due date of your return.

Where do I enter payment with an extension?

Where do I enter my extension payment (Form 4868)? If you paid an extension payment to the IRS when you filed your extension, that information needs to be included when you file your tax return. Enter it on the Extension and Other Tax Payments screen.

Can I get an extension on my taxes if I owe money?

Payment options The IRS may be able to provide some relief such as a short-term extension to pay (paid in 120 days or less), an installment agreement, an offer in compromise, or by temporarily delaying collection by reporting your account as currently not collectible until you are able to pay.

What are payments with extension?

An extension can allow you more time to file, but it does not allow more time to pay taxes due. You must estimate your taxes and subtract what you have already paid. Tax payments are the payments youve already made that include: Withholdings from your paychecks.

What happens if I file an extension and owe money?

Filing a tax extension is not a bad thing. There is no penalty for filing an extension. However, not paying on time or enough, or failing to file altogether, may cost you. If you dont pay the full amount you owe, the IRS will charge you interest on the unpaid balance until you pay the full amount.

How do I get an extension on my IRS payment?

You can use IRS Free File at IRS.gov/freefile to request an automatic filing extension or file Form 4868, Application for Automatic Extension of Time to File.

Is there a downside to filing an extension?

Inability to pay is the worst reason to file an extension, warns Cole. An extension gives you extra time to file, but not extra time to pay. After you file an extension, if you owe taxes when you file your return, you might also have to pay penalties and interest on the tax due.

What happens if I cant pay my taxes after extension?

If you find that you cannot pay the full amount by the filing deadline, you should file your return and pay as much as you can by the due date. To see if you qualify for an installment payment plan, attach a Form 9465, Installment Agreement Request, to the front of your tax return.

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