What To Do If You Filed For An Extension To Pay

The IRS publishes dates when various taxes are due, but some taxpayers may find it necessary to file for an extension to pay. Not only do extensions feature a new payment date, but the extension must be filed on time to qualify for the privilege of paying at a later date.

In some circumstances, environmental issues like major storms or natural disasters may cause the IRS to publish alternative due dates for residents impacted by those weather events. For example, a storm that recently swept through North Carolina damaged property throughout the state, and the IRS told residents and business owners that they would have until 15 March 2017 to submit their tax returns.

However, you might need to consider filing an extension even if you’re not in an area that was impacted by a natural disaster and granted an extension for submitting tax returns. Here are some things to remember if you have decided to file for an extension.

Know Your Local Post Office Rules

Did you know that certain branches of the United States Postal Service postmark until midnight? You may wish to check with your local Post Offices to see which locations offer this option, so you don’t arrive late and find yourself unable to get your return postmarked for the right day.

Always File on Time

Even if you don’t have all the materials required to file your taxes, it’s still essential to file them on time. You may wish to include notations regarding your estimates if you don’t have all the numbers you need for an accurate return and can only make educated guesses.

However, don’t file a return that the IRS might consider a waste of time or frivolous. Your estimates should carry some weight and accuracy. Using a Form 8275 Disclosure Statement can reduce the risk of the IRS levying fees or penalties because of mistakes or incomplete returns.

Contact a Tax Professional Early

The wrong time to call for help with your property taxes is at the last minute. Whether you intend to file on time, file with an amended return, or want to make an appeal, it’s important that your property tax consultants or lawyers are made aware of the situation well in advance of your deadlines.

Consider Alternative Options for Payment

Sending a personal check to the IRS is one way to make a payment on your taxes, but the IRS also offers a “direct pay tool” that withdraws the money from an account you specify. The benefit of using this method is that it ensures the IRS has proof of your payment and that you aren’t going to have to deal with a check that was “lost in the mail” or didn’t arrive on time.

File Even if You Can’t Pay

One of the primary reasons people don’t file their taxes is because they don’t have the money to pay. Failing to file your taxes will result in larger penalties and fees than if you file your taxes on time and provide the IRS with a partial payment or whatever you can pay.

You may qualify for an installment plan, but you can’t arrange a payment plan with the IRS if you haven’t filed your taxes. Although you may have to pay some penalties, you’ll be in better shape to apply for an installment plan if you file everything on time – whether you’re filing for an extension or will be submitting your return on its original due date.

Property Tax Questions? Work with Hegwood Group

Are you concerned about this year’s property tax bill? Do you need assistance with property taxes in Texas? Hegwood Group offers legal assistance through lawyers who are experienced in property taxes, as well as advice through expert property tax consultants.

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