With April 15 right around the corner, many taxpayers are concerned about making the filing deadline. If you’re unsure whether your tax return will be completed in time, there’s a solution. Filing for an extension stretches the deadline from April 15 to October 15, providing six more months to organize and file a return. Here are a few details about extensions so you can take the proper steps. 

Am I Eligible for an Extension?

All taxpayers are eligible to file an extension. When filing, you’re not obligated to provide a reason why. You must only complete the proper form (Form 4868) and send it back to the IRS before the April 15 deadline.

What Do I Need to Extend My Filing Deadline?

You  need the same information you usually provide on a tax return. This includes contact information, information about your income, how much money you may owe, how much you may have already paid, and the remaining balance. If you’re out of the country at tax time, you receive an automatic two-month extension. However, you still need to file Form 4868 to extend the filing period for six months.

Why Might a Person File an Extension?

If you’ve been ill or injured, filing for an extension may be necessary. Many people also file because they’re missing documents and are having a difficult time acquiring a replacement. Also, your financial situation may have changed. If you need extra time to consult with a tax accountant before moving forward, you should obtain an extension.

If you have more questions about extensions or tax returns, The Callen Accounting Group, PLLC will help. Located in Mountain Home, AR, this accounting firm helps with filing as well as tax management strategies to keep your finances on track. They’ll work with you to minimize your tax burden while ensuring you remain compliant and don’t incur penalties. They also provide payroll and bookkeeping services to small businesses. Schedule an appointment today by calling (870) 425-6066. You can also visit them online to explore a full listing of their  services.