EXTENSIONS…Did you know…

“As we’re all well aware of around here, the tax deadline is coming up.  Many taxpayers will end up needing an extension in order to have more time to gather their information and prepare their personal tax return.  But, did you know that an extension only gives you more time to file your return, not more time to pay the amount owed?  If you owe an amount on your personal return, it is due on April 15th.  Every effort should be made to reasonably estimate this amount and make a payment into the IRS by April 15th.  If you are not able to do this, then there will be a late payment penalty added to the amount due when it is paid. Here is some more information on penalties from the irs: https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

 

 

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