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Tax extensions: Steps if you’re running against the deadline

| Mar 12, 2018 | Tax Law |

Ideally, business owners will have taken care of their taxes already to get rid of the anxiety that naturally comes with filing. If you run up against the deadline, you may be able to file for an extension.

You should start on your taxes as soon as you can whether you are a business owner or individual. You do not want to deal with fines and other punishments that come with filing late. Fortunately, there are steps to take once it is a week away and you still have not done everything.

Do not wait for everything

Many people wait on filing their taxes because they wait on certain forms that are not essential. For example, business owners and independent contractors who pay for their own health insurance do not have to wait until their 1095-B and 1095-C forms come in. While these forms prove you have health insurance, they are nonessential when filing. However, you will need your 1095-A form.

Remember to still pay

While a tax extension is helpful, it will not delay your payment. It merely delays when you can submit your tax forms in full. You still need to estimate the amount you owe and pay that by the deadline. It is also important to remember that someone from the IRS can deny your extension request, so you should prepare everything as though you will need to pay by the April 17th, 2018 deadline.

E-file

E-filing is great because you can do it from anywhere. Paying any taxes you owe through direct deposit also prevents your payment from becoming lost and delaying the process further.

Hire a professional

If you cannot submit by the deadline on your own, then you need to hire a professional accountant to do everything before you. Ideally, you do not want to wait until the week before because most accountants will be extremely busy. It is worth it to pay an accountant to do this work rather than pay money in fines.

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