Tax Day is April 15th, 2016. It has been the 15th of April (or the next business day if it is on the weekend) for the last 61 years and for some reason every year people clamor to go through shoe boxes full of receipts on the 14th only to find they will not have enough time to file. So what can you do if you are not going to ready in time to get your forms sent over to the Internal Revenue Service (IRS)? Fortunately, the IRS allows for people to file for extensions which allow you to have six more months to file. If you are not ready to send in your forms and need a Tax Extension in Tampa contact Tampa Tax Attorney Darrin T. Mish today. Click here to read or watch more IRS Help resources.
If you require an extension, it is usually not a big deal since they are granted for any reason. If you need a Tax Extension in Tampa, our office will be able to assist you quickly and efficiently. We will walk you through the steps to completing Form 4868 and help you with filing your taxes in the new period. Whether you have not filed yet for this year or in the last ten years we will be able to assist you with your Tax Extension in Tampa.
What are the benefits of filing for a Tax Extension?
There is plenty of advantages of Filing for a Tax Extension in Tampa:
- You will have an additional six months to file your taxes
- If you file your extension correctly, you will not be subject to failure-to-file fees.
- Less stress dealing with time constraints
- You may be eligible to additional amendments in your return if you file for an extension without having to file for amendments if you filed before April 15th
- You may be less likely to be audited (this is only a theory some tax preparers have since most audits happen early in the year)
- If you do not have all the information you need to file correctly before the deadline
- You are out of the country and will not be able to file in time
Why you should not file for a tax extension
It is critical that if you are not filing for an extension for one of the above reasons that you keep some things in mind. If you are filing for a tax extension because you are unable to pay you should not file for an extension. The reason behind this is because tax extensions only give you additional time to file not to pay.
If you are unable to pay your tax debt, there are other avenues you can explore for the best results.
- Pay your tax debt with a loan or credit card or bank loan. We make this suggestion because you are likely going to pay a lower interest rate than what you would pay in combined interest in fines to the IRS.
- You can file for a payment extension. You are allowed to request an additional 60 to 120 days to pay your tax debt.
- You may file for an installment agreement. An installment agreement allows you to make payments over time to the IRS to pay off your tax debt.
In summary, it is important to remember that everyone’s situation is different and if you are not sure if you should file for a tax extension in Tampa that you ask for help. At the Law Office of Tampa Tax Attorney Darrin T. Mish, we are available at any time to discuss your tax issues. We will be able to go through your documents and accounts to help you make the best decision in your best particular case. If you would like to contact us, we are available at any time to assist you at 813-308-0330.