Need More Time To Get your Sh*t Together? File an Extension!

Let’s say Tax Day (April 18th) is approaching faster than you expected - or maybe it’s already passed. Are you totally f*cked? Believe it or not, the IRS is actually kind enough to allow taxpayers to file for a 6-month extension! Let’s talk about how you can get more time to get your sh*t together.

Filing for an extension can help buy you time if you need additional time to prepare your return, or prepare your documents for an accountant. There’s a catch, however; an extension is only an extension to file, not an extension to pay. Head scratch. Let’s break it down.

If you’re self-employed, you’re likely going to owe taxes because they weren’t withheld from your paychecks by an employer. If you’re likely going to owe and you file an extension, the IRS is still going to expect a payment from you by the regular tax deadline. If you’re working with an accountant, they can help calculate this amount within an accurate range so you can make a reasonable payment to the IRS at the time of filing. If you wait to make a payment you’ll be subject to penalties and interest - ouch!

At the end of the day, I promise you it’s better to file your taxes late than never. If you decide to ignore your taxes, after long enough the IRS will find you and they are petty (so is your state) . It will be easier to get caught up now and deal with the penalties than wait it out until you’re stuck with long-term headaches like wage garnishments and mega-interest. We help clients haven’t ever filed before and clients who are several years behind all the time. You got this, and we got you. 

Read more: Failure to Pay Penalty

Read more: Failure to File Penalty

Want us to file your extension? Complete this form.

Need help getting caught up? We can help – contact us.