The tax filing deadline for most people is only a week away, which means it’s time to schedule a meeting with your tax planning professional if you haven’t already. Fortunately, if you need a little more time to get your paperwork together, filing for an extension will buy you a few more months. However, there are a few things you should know if you’re planning to file an extension.

A Quick Guide to Tax Filing Extensions

You Still Have to Pay on Time

First, it’s important to understand that the extension only grants you more time to get the returns in on time. Any money you owe the IRS still has to be paid by the April 17th deadline, and you’ll still be subject to costly penalties if you’re late. If you’re not sure what your bill will be, ask your tax planning professional for an estimate. Overpaying a little and requesting a refund later is better than paying too little and getting slapped with a late fee.

You Can Pay Electronically

If you filed for an extension, the IRS will let you pay online, even if you have an outstanding balance. All you have to do is include your checking account information with your paperwork, and the IRS will take the balance.

Wait for Confirmation

If you’ve filed an extension, don’t automatically assume that it’s been approved. Your tax planning professional will let you know within a day or two whether the IRS has accepted your extension. If you file electronically and don’t hear back, have your tax professional to get in touch to find out what went wrong.

As a full-service accounting firm, Erie & Associates, P.C. provides high-quality tax planning and filing services to businesses and individuals throughout Texarkana, TX. They take an individualized approach to all of their clients, so you can be confident knowing you’ll receive advice tailored to your unique situation. To discuss your tax issues and make an appointment, visit the website or call (903) 792-6651.