If you’ve filed Form 4868, this extends your deadline to October 15th.
It’s important to note that the extension granted by filing form 4868 only applies to the filing of your return, not to the payment of any taxes owed.
Reasons to file your tax return as soon as possible, even if you’ve obtained an extension:
Avoid Late Filing Penalties:
While Form 4868 gives you extra time to file your return, it doesn’t give you extra time to pay any taxes owed. If you owe taxes and don’t pay them by the original deadline (April 15th), you could be subject to late payment penalties and interest.
Filing your return as soon as possible reduces the risk of incurring additional penalties related to late filing,” shared Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®.
Accurate Financial Picture:
Filing your tax return helps you understand your accurate financial situation for the year. It allows you to see the total amount of taxes you owe, deductions you can claim, and any potential refunds you’re eligible for. This information is important for financial planning and making informed decisions.
The sooner you file your return, the sooner it can be processed by the tax authorities. If you file closer to the extended deadline, you might face delays due to higher volumes of last-minute filings. Filing early reduces the chances of processing delays and potential errors.
Quicker Refunds:If you’re entitled to a tax refund, you won’t receive it until your return is processed.
Filing early means you’ll get your refund sooner, which can be especially helpful if you’re relying on that money for other financial commitments.
Peace of Mind:
Procrastinating on filing your taxes can lead to unnecessary stress and anxiety. Completing your return early gives you peace of mind and the satisfaction of meeting your obligations in a timely manner.
In summary, while Form 4868 extends the deadline for filing your tax return to October 15th, it’s crucial to understand that it doesn’t extend the deadline for paying any taxes owed. To avoid additional penalties and interest, it’s in your best interest to file your tax return as soon as possible, ideally before the extended deadline.
Remember that every person and every tax return is different, this is just a guide, please find the closest DATS location near you and do not hesitate to contact us. Daniel Ahart Tax Service will be open and ready to answer the phone or in person to clarify any doubts and to be able to guide you in the process,” explains Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®
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