Tax Day is fast approaching! In today’s video we go over how to gain yourself an extra six months to finalize your tax return.
A tax extension is like the first draft of your return. You’ll need to gather all your documents to create it. If you’re waiting on more information, you will have to estimate it. Here’s the next steps:
File a 1040-EXT by April 15th
File your 1040 final return by October 15th, six months later
Pay any estimated taxes due with the extension
The last point is the real kicker. If you expect you’re going to owe, you have to pay with the extension. That’s why I highly recommend to file by the April 15th deadline if at all possible. You still have to pay the taxes so you might has well get it done and over with.
Your tax preparer can prep an extension, as well as most tax software. If you need any assistance, you can send us a message via our contact form.