The April 15 deadline is quickly approaching, but it is far from time to panic. Your Kansas City tax attorney has some advice for this hectic time of year. There are more ways than ever to file tax returns. If you are not certain you can file in time, you can simply request an extension. The fastest and easiest way to do so is to go to the free file link on the IRS website. Anyone regardless of income can use this free service to request electronically an extension using form 4868. This form gives taxpayers until October 15 to file a return. Keep in mind that this gives taxpayers extra time to file a return; it does not give them extra time to pay any taxes owed. If you owe taxes you cannot pay, you have options, and you should talk to your tax attorney as soon as possible. You will need to estimate and pay any outstanding taxes by the April 15 deadline. Even if you cannot pay the amount owed, you should still file on time because failing to file on time will result in stiff high interest penalties and will not by itself delay a payment deadline.
There are a couple of exceptions. Some taxpayers are eligible for more time to file without having to ask for an extension. For example, if you live and work overseas, including members of the armed forces, you have until June 15 to file, but you still have to pay taxes by April 15. If you are a member of the armed forces deployed to Afghanistan or other combat zone locations, you have until at least 180 days once you leave the combat zone to file returns and pay taxes. You also qualified for an extension if you have been affected by specific recent natural disasters.
For more information about how your tax attorney can help you please contact us at 913-735-4829