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While federal income tax returns are due on April 15th, the IRS allows you to request an extension, giving you more time to file. While this is usually helpful if an emergency or late document makes it impossible to meet the deadline, there are some important things every taxpayer should understand before applying for an extension.

If you're considering filing for more time, the accountants at Selph and Friday CPA in Texarkana, Texas, recommend:

  • Filing on Time: In all but a few circumstances, tax filing extensions are not automatic. Any taxpayer who wants an extension will have to file Form 4868, which may be submitted online or through the mail.
  • accountantsPaying by the Deadline: While the extension will give you an additional six months to finalize your returns, you'll still be required to pay at least 90% of what you think you'll owe by April 15th. Failure to pay on time could result in penalties and interest of 0.5% per month, with a maximum of up to 25% of your total tax bill. An experienced accountant will be able to help determine how much you need to pay to avoid penalties.
  • Working With the IRS: If you're unable to pay the remainder of your taxes owed by the expiration of the deadline, it may be in your best interest to contact the IRS about a payment schedule.  Selph and Friday can assist you with this request.

For over 30 years, the accountants at Selph and Friday CPA have been helping their clients navigate the complexities of the tax code, and can assist you in the preparation of an accurate and timely filed return. Learn more about their tax services online, follow their Facebook for more advice, or call (903) 792-0281 for an appointment today.

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