Tax season is just around the corner. Few people look forward to it, but those who are concerned they may owe taxes approach this time with particular apprehension. According to the OSCPA , there are options for those who need more time to file their returns or who are having trouble paying what they owe including:
Get an extension
If you don’t have the information you need to file by the tax deadline, or will be delayed for some other reason, it’s possible to receive an automatic six-month extension for filing your return. That means that you will have until October to get your documentation to the Internal Revenue Service. However, the IRS will still want you to pay the taxes you owe by the April 15 deadline, even if you receive the filing extension. In other words, although you are not required to make a payment of the tax you estimate as due, filing the appropriate forms for an extension does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest and may be subject to penalties. Your CPA can help you determine whether an extension is a good step for you and what payment amount you may owe in the meantime.