Tax season is in full swing and the deadline for filing is fast approaching despite an already granted extension until mid May by the Internal Revenue Service (IRS). Normally, individuals must file their tax returns prior to the April 15 deadline which changes only due to a holiday or weekend but because of the ongoing coronavirus pandemic, taxpayers now have until May 17 to submit their returns this year.

If you need additional time, individuals can fill out Form 4868 in order to apply for a formal extension to complete their filing. There are a few misconceptions surrounding the use of an extension but many instances necessitate the use of a formal extended period of time to file your return. However, there are certain expectations associated with any tax liabilities which should also be considered.

Personal Schedule

There are any number of different instances which could cause a person to be unavailable for completing their tax return. If you have certain major life events taking place in or around the first part of a year - marriages, births, deaths, moves, etc. - it is expected that tax preparation may be the last thing on your mind. If this is the case, then filing for an extension makes sense in order to give you time and an opportunity to prepare everything in the best shape possible.

Missing Information

Many taxpayers who have retirement accounts or multiple stocks may not receive all of their necessary information in a timely manner to complete a return prior to the deadline. If your organizations are notoriously late submitting final numbers, then delaying a filing could be in your best interest.

Avoid Penalties

If you don’t file a return, then the penalties and interests associated with missing the deadline automatically begin piling up. Unfortunately, many individuals fear they owe and then don’t submit any return, however, filing for an extension can at least help to avoid any penalties related to at least not filing a return in a timely manner.

Tax Liability

It is important to remember that an extension applies only to submitting the return, not payments due. If you owe money then this is expected by the IRS at the original deadline, May 17 this year. Even if you are unaware what the final tally may be, turning in a quality estimate can help you to avoid a larger tax bill down the line.

If you’re ready to file a return or an extension, then let the tax professionals at Bloch Rothman and Associates assist you today. In addition to providing answers to all of your tax questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving 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, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!