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April 15th is almost here; need more time?

If you haven’t assembled all your tax data yet and need more time to file, you can apply to the IRS for an automatic six-month extension. You must apply by April 15th, and your new filing deadline will be extended to October 15th.

The IRS started this year’s filing season late, following last year’s government shutdown and furloughs. How does this delay affect you? It doesn’t! Your deadline to file is still April 15th.

Does an extension of time to file your taxes mean an extension of time to pay? No! The IRS charges penalties and interest for late payments. Your CPA will need as much data as possible to prepare an estimate of how much tax might be due with your extension request.

Should you wait until April 14th before deciding whether to file an extension? Please don’t. Your CPA likely must prepare several hundred returns and extensions by the 15th; even if he or she is able to file your extension at the last minute, delaying your decision may result in an inaccurate estimate of whether any additional tax is due with your extension.

At Patrick & Robinson CPAs, we recommend our clients contact us as soon as possible, providing at least income and withholding information from 2013, plus as much additional information as possible. Contact us if we can help you:  Office@CPAsite.com or 904-396-5400.

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Frequently Asked Questions

Q.

How much should I withhold from my paycheck?

A.

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