{"id":26994,"date":"2021-09-06T03:15:20","date_gmt":"2021-09-06T03:15:20","guid":{"rendered":"https:\/\/c1mdevsite.com\/braunability.com\/extended-tax-return-everything-you-need-to-know%e2%80%af\/"},"modified":"2021-09-06T03:15:20","modified_gmt":"2021-09-06T03:15:20","slug":"extended-tax-return-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/c1mdevsite.com\/mdctraining.ca\/extended-tax-return-everything-you-need-to-know\/","title":{"rendered":"Extended Tax Return \u2013 Everything You Need to Know\u202f"},"content":{"rendered":"
\"\"<\/p>\n

The federal income tax <\/span>extends<\/span>\u00a0<\/span>from April 15 to May 17 or July 15 in some states<\/span>\u00a0for 2021<\/span>.\u00a0<\/span> However, taxpayers who have applied for an extended tax return have until October 15 to file their paperwork. Individual and business extended tax\u00a0<\/span>returns<\/span>\u00a0explained,\u00a0<\/span>along with\u00a0<\/span>important dates and potential penalties<\/span> But how does one get an extension? Is anyone eligible?<\/span>\u00a0<\/span><\/p>\n

The tax season is still ongoing for this group of people and the fast-approaching deadline. We have gathered some useful information about tax extensions to help you file your return on time and avoid mistakes and penalties. And if you still have doubts or need professional support with your tax planning and preparation, <\/span>contact a financial advisor<\/span><\/a>.\u00a0<\/span>\u00a0<\/span><\/p>\n

What is a tax-filing extension and how to file<\/span><\/b>\u00a0<\/span><\/h2>\n

An extended tax return<\/a> extends the deadline to file paperwork up to six months after the federal tax deadline. <\/span>For<\/span>\u00a0<\/span>individual income extended tax <\/span>returns<\/span>, the extension is requested by\u00a0<\/span>submitting<\/span>\u00a0Form 4868 through a tax specialist, tax software, or\u00a0<\/span>the Free File\u00a0<\/span>option<\/span> on the Internal Revenue Service (IRS) website. For business income tax<\/span>\u00a0returns<\/span>, the\u00a0<\/span>extension<\/span>\u00a0<\/span>is\u00a0<\/span>requested<\/span>\u00a0by\u00a0<\/span>submitting<\/span>\u00a0Form 7004.\u00a0\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n

If you fail to file your return by the deadline, you will face penalties. <\/span>If you, for some reason, are unable to file your paperwork by the deadline, you must file for an extension. In addition, the request form must be filed no later than the federal tax deadline. A refund extension is granted automatically when you have a refund due to you, in which case penalties do not apply.<\/span><\/p>\n

Filing an extended tax return doesn\u2019t mean an extension for tax payment<\/span><\/b>\u00a0<\/span><\/h2>\n

Your extended tax return is linked to your federal income tax payment. This means, filing an extended tax return will grant you an extension to file your paperwork, but you still need to pay your estimated tax by the standard April deadline. Failure to pay may push your filing deadline, but you\u2019ll incur penalties for non-payment.<\/span>\u00a0<\/span><\/p>\n

In many cases, if you know you will owe money to the IRS for that tax year, you can make a payment using the IRS payment portal, and it will often trigger an automatic extension.\u00a0<\/span>\u00a0<\/span><\/p>\n

From IRS.gov:\u00a0<\/strong><\/p>\n

\u201c<\/span><\/i>You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using\u00a0<\/span><\/i>Direct Pay<\/span><\/i><\/a>, the\u00a0<\/span><\/i>Electronic Federal Tax Payment System (EFTPS)<\/span><\/i><\/a>, or a\u00a0<\/span><\/i>credit or debit card<\/span><\/i><\/a>. This way you won\u2019t have to file a separate extension form and you will receive a confirmation number for your records.\u201d<\/span><\/i>\u00a0<\/span><\/p>\n

The same\u00a0payment\u00a0rules apply to business income taxes. By filing Form 7004 requesting an extension, the business still needs to pay its taxes by the\u00a0filing\u00a0deadline (which was May 17 in 2021) but wait until October 15 to file the return.<\/span>\u00a0<\/span><\/p>\n

Penalties<\/span><\/b>\u00a0<\/span><\/h2>\n

Even if you can\u2019t pay on the due date, it\u2019s important to\u00a0at least\u00a0file on time, as late filing penalties are usually higher than late tax payment penalties.\u00a0The failure-to-pay\u00a0penalty\u00a0<\/span>is\u00a00.5% of your total taxes due for every month\u00a0of unpaid taxes.\u202fBut if you can\u2019t\u00a0pay it on time, it\u2019s possible to request<\/span>\u00a0<\/span>an\u00a0Installment Agreement\u00a0through the IRS website, which\u00a0will\u00a0break the\u00a0total amount\u00a0down\u00a0for\u00a0easy\u00a0monthly payments.<\/span>\u00a0<\/span><\/p>\n

Anyone\u00a0is eligible for an extended tax return <\/span><\/b>\u00a0<\/span><\/h2>\n

Anyone can request an extension to file a return, regardless of their income or filing status. In most cases, it is unlikely that a taxpayer whose extension request is submitted correctly and who does not owe any tax money will be rejected. The IRS does not demand explanations for extension requests. However, you must submit the relevant and properly completed form on time.<\/span><\/p>\n

The IRS no longer notifies when an extension has been approved<\/span>, but\u00a0<\/span>one will be informed of\u00a0<\/span>the opposite.<\/span> The application must be completed properly. Details that are not correct or incomplete may cause the rejection of the extension application. In this case, it\u2019s possible to amend your application and resubmit it to the IRS within 5 days.\u00a0 <\/span>\u00a0<\/span><\/p>\n

Getting help filing your taxes<\/span><\/b>\u00a0<\/span><\/h2>\n

Still unsure? Have you yet to file your federal income tax this year? A tax specialist can save you time and help you avoid penalties and interests. Don\u2019t wait until the last minute! Get professional support to prepare and optimize your taxes now. <\/span>\u00a0<\/span><\/p>\n

With the final extended deadline to file a return in 2021 approaching,\u00a0an excellent\u00a0team of\u00a0<\/span>accountants and tax specialists<\/span><\/a>\u00a0will be able\u00a0to help you with all kinds of tax circumstances and situations.\u00a0<\/span>\u00a0<\/span><\/p>\n

Speak to the tax expert now<\/span><\/a>!<\/span><\/b>\u00a0<\/span><\/p>\n

<\/h3>\n

Resources<\/span><\/b><\/h3>\n

Image Attribute<\/a><\/p>\n

<\/i>extended tax return<\/a> <\/i><\/span><\/p>\n

Direct Pay<\/i><\/a><\/span><\/p>\n

Electronic Federal Tax Payment System (EFTPS)<\/span><\/i><\/a><\/p>\n

credit or debit card<\/span><\/i><\/a><\/p>\n

\u00a0<\/span><\/p>\n

The post Extended Tax Return \u2013 Everything You Need to Know\u202f<\/a> appeared first on Waters Hardy and Co. P.C.<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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