Filing taxes is something that every American citizen must endure, regardless of income level or any other factors. It is the one thing that each person is legally required to complete and although there are some who try and skirt the system, a majority of people just endure the reality and plan accordingly. For many, this comes as a new year begins and the calendar rolls over to January. People begin receiving their W-2 forms and reporting the prior year’s earnings as the spring, April 15 deadline to file approaches. However, there is an alternative that has become increasingly popular in recent years - filing an extension.
What is an Extension?
Understanding how taxpayers can file an extension for more time to file their federal taxes begins with realizing this is an option. However, before you get excited about acquiring more time to cut a check to the federal government, realize the one critical caveat of this agreement. Filing an extension, if accepted, only guarantees taxpayers have additional months to fill out the necessary paperwork required in a tax return - NOT ADDED TIME TO PAY.
If you typically owe taxes, then some form of payment must still be submitted prior to the original April 15 deadline, although it is possible to send in a payment and still accept an extension to file the supporting paperwork. In addition, the extension must be filed by April 15 to let the Internal Revenue Service know that some type of return is coming in the future and there is no inability to file.
For a majority of Americans, the 2019 deadline for filing an extension is October 15. Depending on when your taxes were originally due, an extension grants individuals the opportunity to extend their reporting out six calendar months.
While there are a few pros and cons to filing an extension, the only main downside is understanding that if you owe, there is no added time to pay. In fact, many people who initially file an extension for other various reasons, typically continue to do so in the following years due to some of the other benefits associated with receiving extra time to file.
This time can be used to ensure the accuracy of your return and maintain any potential refunds one may be entitled to receive. Instead of getting the money back at the first of the year, some people prefer to have this money later on to be used for holiday spending or any other needs.
The tax and financial experts
at Bloch Rothman and Associates are ready and willing to assist if you should need help wanting a future extension, paying all currently required taxes, owed back taxes, or any other personal or corporate wealth management issues. In addition to providing a quality tax service, including navigating the intricacies of an audit, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!