If you aren’t able to file your taxes on time, the good news is the IRS will often work with you. When you seek the guidance of a tax advisor like Daren Katayama, CPA, LLC of Kailua Kona, HI, you can rest assured that your individual or business tax return preparations will in professional and capable hands, making it easier to work with the federal agency. 

Situations like an illness or family emergency can push tax returns to the bottom of your to-do list. Here are a few things you can do if you need more time to file:

• Apply for an Extension: If you are unable to make the April deadline, the IRS may grant you an extension to file your tax return by October 16^th.  Submit your extension request form as soon as possible, rather than waiting for the IRS to send you a failure to file warning letter.
• Pay What You Can: Even if you’ve filed an extension, you’re still obligated to pay if you owe taxes. An experienced tax advisor will help you calculate what you can realistically pay to avoid late fee penalties and interest.
• Pay at Least 90%: If you’re able to, try to pay at least 90% of what you owe in taxes. This gesture of good faith may eliminate having to pay a late fee. The balance will still be due by mid-October if you filed for an extension. Ask your tax advisor about setting up an installment payment plan, so you can pay off the balance by then.

Your personal tax advisor will be aware of the latest federal and state tax codes and help you identify applicable credits and deductions to maximize your refund.

With extensive experience in tax return preparation, Daren Katayama CPA, LLC is your trusted source for financial guidance. If you’re having trouble with your individual or business returns, call (808) 329-6635 to schedule a consultation. Visit the firm online to learn more about this experienced tax advisor’s full range of financial services.