GRAND RAPIDS, Mich. — Chris Brown, CPA with Strategic CPA Accounting & Tax Solutions discusses tips for those filing a tax extension.
This year the tax return deadline is Monday, April 18, three days later this year due to the observation of Emancipation Day in Washington, D.C.
Those that file for an extension and will owe money, do not receive additional time to pay those taxes.
If you are not sure how much to pay, you should estimate an amount and pay by April 18. If you don’t pay 90% of the amount you end up owing, you risk incurring a late payment penalty plus interest.
You must file your extension request no later than the regular due date of your return. If no extension is filed, you could be subject to a late filing penalty.
Moral of the story
File your extension no later than April 18, estimate what you may owe, and pay that amount if you’re able. If you overpay, you will get a refund and will not face penalties.
