Tax Extension Information

July 13, 2020 wagnertax

What is a tax extension?
When some taxpayers ask, “How do I get an extension for my taxes?” they might be thinking of the taxes owed and not the return itself.

This question calls attention to a key distinction about what a tax extension is — and what it is not. An extension gives you more time to finish the paperwork but it does not give you more time to pay. This means if you end up owing there will be interest on the amount due but you will not be penalized for filing the return late.

The extension does allow you to file your taxes as late as OCTOBER 15th for personal returns and SEPTEMBER 15th for business entities such as a partnership or an s-corporation.

If you know you’ll be getting a refund, you won’t need to worry about paying in something at the time we file your extension but If you know you’ll owe, you can consider paying in an estimated amount to help reduce any interest that will accrue from July 15th to whenever you do end up filing your taxes after the extension.

Many people choose not to make a payment even though they might owe They just understand that there will be some interest later when the return is filed. Contrary to what many people think this does not automatically put you in a negative light where the IRS is looking down on you because you didn’t make a pre-payment at the time of filing the extension. Making a payment only reduces interest on your balance once the return is filed later.

If you would like to talk to someone about making a payment with your extension please note that on our online form and a Tax Preparer will contact you upon submission of your request.

In our opinion, it’s always better to file your tax extension electronically through an efile service rather than trust the mail service to deliver a paper form. You avoid long lines at the post office & most professional services though they may have a fee will get an electronic confirmation once your electronic tax extension is filed–usually the same day.

If you are ready to file your Tax Extension and would like us to file it for you please use this link to our secure Form. https://www.wagnertaxservice.com/extensionefile/