Thousands of Americans file a tax extension every year, which allows six additional months from the filing date of April 15th
to get your taxes in order and file with the government. There are many reasons for filing a tax extension, most often due to lack of time to prepare, or having a particularly complicated tax return that was not completed in time for the April deadline. Filing a tax extension does not lower, or raise, your taxes in any way, but simply allows you more time in which to appropriately file. Please note that you must actually submit a tax extension form to the government to be eligible for this 6 month grace period, if you do not file an extension but wait until October 15th
to file your taxes you may be subject to late payment penalty fines.
As October 15th
is fast approaching, we have a few tips to make filing easy and simple:
- Gather and keep all your financial information in one place â€“ whether it be a shoe box, file cabinet or dresser drawer, keeping these items in one place will help make it easier to locate need information when it comes time to prepare your taxes
- Make sure you have your W2 (sent to you by your employer to show taxes withheld), form 1099-INT (for interest earned on a bank account) and Form 1098 (mortgage interest statement)
- Donâ€™t forget to double check that your social security number has been input correctly and to sign and date your return!
If you need help with your taxes, or with deciphering any of your tax documents, give Bloch Rothman and Associates a call, we are here to help.