The deadline to file your tax return is approaching. If you can’t file your tax return by May 17, don’t worry—you can request an extension file that will give you more time to prepare your return. Here’s everything you need to know about this useful alternative.
What Is an Extension to File?
An extension to file allows you to file your tax return after the official deadline. In this case, an extension would give you until October 15, 2021, to file your taxes.
To request an extension to file, you must do one of two things:
- File form 4868 (you can request assistance from a tax professional if you are not sure how to do it)
- Send an electronic payment via Direct Pay, debit card, or credit card indicating Form 4868 or extension as the payment type. Also in this case, a tax professional can offer expert assistance if you need help.
Rmember: an Extension to File Is Not an Extension to Pay
If you want to request an extension to file, the key is to remember that an extension to file is not an extension to pay.
This means that even with an extension to file, you should pay your taxes by may 17 in order to avoid penalties and interests.
It’s worth keeping in mind that some people get more time to file and pay their taxes. This includes victims of distasters, as well as members of the military, and eligible support personnel serving in combat zones.
Need Help With Your Taxes? Contact the Experts at JT Tax Services
Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (email@example.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.