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Replace Payment Field from the Demand For Extension Of Payment Date

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Aug 6th, 2022

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How to Replace Payment Field from 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.

How long will HMRC give you to pay?

Theres no time limit on how long a payment plan can last. It will depend on how much you owe and what you can afford to pay each month. You should contact HMRC if anything changes that could affect your payment plan.

What does an extension payment mean?

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 is the reason for payment extension?

Common reasons for requesting an extension include a lack of organization, unanticipated events or tax planning purposes. Even if you obtain an extension to file, you must still pay your income tax in full by the tax deadline.

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.

Why would you file an extension?

Many people file for an extension because they owe taxes and are unable to pay them. 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.

How do I change my payment type with the IRS?

You can make any desired changes by first logging into the Online Payment Agreement tool. On the first page, you can revise your current plan type, payment date, and amount. Then submit your changes. If your new monthly payment amount does not meet the requirements, you will be prompted to revise the payment amount.

What does amount paid with extension mean?

If a payment was made with an automatic extension request filed with either Form 4868 or Form 2350, the payment needs to be included on the Form 1040 when it is filed. Enter the amount paid with the extension request, whether by check, electronic funds withdrawal, or credit or debit card.

How do you avoid penalty on extension?

You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely.

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