On Your Side: What to know about filing a tax extension
SPRINGFIELD, Mo. (KY3) -Despite having an extra three days this year to file your taxes, you can get an automatic extension.
“If you do that, you can wait until October to file which is really nice if you don’t have all your documents together,” said Tiffany Cossey, Drury University School of Accounting.
“Everybody gets an automatic extension if you file for it. You have to complete a tax form that requests it. You have to send it off e-file or on paper. If you send it off by paper, you have to make sure it’s postmarked by the original due date or the extension won’t be valid,” said Cossey.
Pay as much as you can.
“That six month extension is an extension to file, not an extension of time to pay. So if a person is going to owe, a lot of times they put off filing and somehow that delays the inevitable and it doesn’t,” said Cossey.
The IRS gets info from your employer.
“They are going to know if you owe them something. You’re better off to go ahead and file an extension, get your tax return together by the deadline, make an estimate of what you owe, pay as much as you can by the deadline. You can always work on making payment arrangements or pay by credit card,” said Cossey.
If you need another extension in October, you’ll have to give a good reason.
April 18 is the last day to make contributions to a health savings account or a retirement account for the 2022 tax year.
As we’ve reported, the IRS offers tax relief with extended deadlines to those who dealt with severe storms in Arkansas.
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