When To File An Extension on Your Income Tax

Sometimes life happens, and you miss deadlines. If you find yourself unable to complete your tax return by the April deadline (April 18 this year for filing 2015 taxes), you’ll first need to file an extension with the IRS to avoid late-filing and/or late payment penalties. Whether you had an unexpected life event, or you need more time to track down missing tax documents, filing an extension will allow you to push your deadline back six months to October 17, 2016. Remember, an extension only pushes back the due date; It doesn't give you extra time to pay on any taxes you may owe. If you believe you will owe this year, you’ll need to estimate the amount after filing for an extension and make a "good faith" payment by the April deadline. Whether you choose to E-file your federal extension, or print and mail your IRS form 4868, you've got options, but procrastinating isn't one of them. Still need help? Call 423-622-3156 and EJ Pelton Company will be happy to assist!