Taxes - Do You Need More Time?

October 17, 2017

Life is often very uncertain. However, there is one thing you can definitely count on: paying taxes. Even though no one likes this process, it is still an obligation we must endure. But what happens if you owe the IRS but don't have all of the required documents and need more time? There is a solution.

The IRS will give a six-month extension to just about anyone who asks. Filing Tax Form 4868 by the last filing date (or earlier) instead of your 1040 will allow you the time to get your resources together. Tax Form 4868 is a document to help people who have legitimate reasons to file an extension such as complex taxes, a missing W2, or even an unexpected event. It is not meant to be a method of delaying payments on a balance due, which still must be paid on "Tax Day"; it is so that taxpayers have extra time to get their documents in order.

Should you choose to file an extension, the first thing to do is get an estimate of what you might owe and pay as much as possible so that you can avoid late fees, penalties, and interest. Then you can choose whether you want to file Tax Form 4868 electronically or on paper. However, it is always best to consult a tax professional if you have any questions. We here at ASAP Tax are professionals who provide high-quality service and customer satisfaction - we will meet or exceed your expectations. You can contact us to help you with any problems or questions.