There are times when you cannot file your tax return before the deadline and need some additional time. Requesting an extension is an ideal solution that can get you up to six months of additional time to file your taxes. The procedure to file an extension is simple; you can submit your application online or request the assistance of a tax professional. Requests for extension are automatically granted and there are no qualifications to meet.
However, a tax extension does not make any changes to the tax payment deadline, which is generally April 15th (in 2023, the filing date is April 18). An extension only gives taxpayers more time to file their returns.
Most taxpayers are unable to pay taxes on time due to various reasons, including illness, death of a family member, natural calamity, and other such scenarios. That is when Insogna CPA’s team of professionals can step in to help you find your way out of the trouble with the IRS.
Penalties for Late Payment
No matter when taxpayers file their tax returns, if they do not pay the tax owed by the standard deadline, IRS penalties and interest might begin to accrue. Even if you are unable to pay taxes, filing a return is a must, as the penalties for failure to file are much more severe than failure to pay penalties.
We file extensions for free!
For our valued clients who've engaged us to file their FY’2022 tax returns and that need additional time to file, our expert tax team will automatically communicate that an extension was e-Filed on their behalf.
If you're looking for a proactive CPA team going beyond just inputting numbers and actively finding deductions to reduce your tax liability, contact us today and let’s see how we can help.