How to Request a Tax Extension
Filing your taxes can feel stressful, especially if you’re running out of time. The good news is that if you need more time, you can request an extension. Knowing how to file a tax extension the right way is important to avoid penalties.
Keep reading to learn about how to file a tax extension in Texas and what to do if you can’t pay the taxes you owe.
Can I Postpone When My Taxes Are Due?
You can request an extension to file your tax return, but this doesn’t extend the deadline for paying any taxes you owe. By the tax due date, you’ll still need to pay your estimated taxes due. The extension simply gives you extra time to finalize your return and determine if you owe more or less than your initial estimate.
In other words, you will need to pay an estimated tax burden by April 15, even if you request an extension.
How to File a Tax Extension
If you’re considering filing a tax extension, knowing the right steps can help you avoid penalties and unnecessary stress. Here’s a brief overview of the different channels you can use to file a tax extension:
- Through the IRS Free File that’s available online
- Using the File Form 4868 for individual tax returns
- By making an estimated tax payment and indicating it as an extension request
If you’re still not sure about the process, a Weslaco tax accountant can guide you through all the necessary steps. They can help you file the extension correctly, estimate any taxes you owe, and ensure you meet the IRS requirements to avoid penalties.
What if I Can’t Pay What I Owe?
Finding out you owe more taxes than expected can be overwhelming, especially if you don’t have the funds to pay the full amount by the deadline. However, the IRS offers several options to help taxpayers manage their payments and avoid severe penalties.
Here’s what you can do if you can’t pay the taxes you owe:
- Apply for a Payment Plan – The IRS allows you to spread out your tax payments over time with any of their available payment plans. Before applying for a plan, it’s important to know that there will be fees attached to the payment plan you choose.
- Offer in Compromise – This program allows eligible taxpayers to settle their tax debt for less than the full amount owed. However, not everyone is eligible to offer in compromise. To check if you’re eligible, you can use the offer in compromise pre-qualifier tool.
- Disaster Relief Extensions – The IRS provides tax relief, including filing extensions, to individuals and businesses affected by federally declared disasters.
Request a Tax Extension With Help From a Weslaco Tax CPA
Filing a tax extension can give you extra time to get your tax return in order, but it’s important to do it correctly to avoid penalties. If you’re not sure how to file a tax extension or need help estimating your payment, getting expert advice can make the process easier and stress-free.
At Gonzalez & Arrambide, Inc., a Weslaco Tax CPA can help you deal with the IRS, guide you through the tax preparation process, and ensure you file an extension in Texas the right way. Whether you need extra time to organize your taxes or help with a payment plan, our team is ready to assist. Contact us today.
