Often, complex finances and documentation errors can make the April 15^th tax deadline seem impossible. Fling an extension will give you more time to get your taxes in order, although you’ll still be responsible for late fees, interest, and other penalties if you fail to pay the taxes owed by April 15^th. With the help of Erie & Associates, P.C., Texarkana's tax preparation specialists, filing for an extension is relatively simple and can prevent significant problems with the IRS.

Filing for an extension is easy enough that most taxpayers feel comfortable handling the matter themselves. Simply retrieve form 4868 from the IRS website, fill it out, and submit it online or through the mail. If completed correctly, this form gives taxpayers an additional six months to file their tax returns.

However, you should be aware that taxes must be paid by the April 15^th deadline to avoid financial penalties, some of which are quite severe. A common tactic is to pay the same amount as required last year, adjusting the amount after you've submitted the return, or asking a tax preparation professional to estimate your total federal taxes and then paying that amount. By taking this route, you can expect a refund or credit for overpayment, and minimize the consequences of underpayment.

Taxpayers should also be aware that this extension applies only to federal taxes—it will not grant additional time for meeting your state or local tax obligations. Because every state's laws and deadlines differ, consult with your local tax preparation expert about receiving an extension on those taxes.

Whether you're filing complex personal investment returns or running your own business, Erie & Associates, P.C. has the range of services and professional expertise to provide the tax preparation assistance you need. Learn more about their range of specialized services online, or call (903) 792-6651 to make an appointment today.