Individual Income Tax Extensions
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- This taxpayer will owe penalty and interest on the unpaid tax.
- An extension request filed after the filing deadline for your return will be invalid.
- IRA re-characterizations, stock option grants/exercises, exotic deductions.
- If the tentative tax is underpaid by more than the greater of $2,000 or 30% of the tax shown on the return when filed, the extension will be invalid and a late filing penalty will be imposed.
The downside of filing a tax extension is that it only gives you more time to file, not more time to pay. As discussed in the last section, you’ll still need to estimate and pay any taxes you might owe by the tax filing deadline . Whether you’ve been out of town, facing an emergency, or just don’t have your paperwork in order, you might need more time to file your taxes. While your reasoning doesn’t matter, an extension gives you six extra months to file your income taxes. But before you request an extension, make sure you know the rules first. Quite a few states allow you to have an extension if you filed a federal extension.
Benefits and Downfalls of Filing for a Tax Extension
When you file for an extension, you get an extra 6 months to file your full business tax return. The deadline to file your taxes is Oct. 16, 2023, if you requested an extension in April. There are few exceptions, notably for the military in combat zones. If you are self-employed, you’ll have extra time to fund a retirement plan. SEP IRA plans may be opened and funded for the previous year by the extended deadline as long as an extension has been filed.
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So, making a payment for your business tax extension online can provide a little wiggle room if you need it. While requesting an extension gives you extra time to put your return together, it does not put an extension on your payments. When you request your business tax extension, you will also need to submit a payment based on your CPA’s estimates of what you will owe.
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