The IRS deadline to file your 2020 taxes approaching on May 17, 2021. Are you ready? Maybe, you are worried about paying your tax bill in full. Sound familiar? Here is what you need to know:
File On Time Anyway
Yes, you should file anyway. Why?
- If you owe taxes and do not file their return on time or request an extension, you may face a penalty for not filing on time. So, you must pay your tax bill regardless by May 17th to avoid interest and penalties.
- Remember, you have options if you cannot afford to pay your taxes. Click here for more information.
- An extension of time to file is not an extension of time to make a payment. The extension gives you until October 15, 2021 to file your tax return, but taxes owed are still due May 17, 2021.
How Do I Get an Extension?
- First, you will need to complete Form 4868 through a tax professional, tax software, or using the IRS’ Free File on the IRS website.
- Next, you need to submit an electronic payment with Direct Pay, debit or credit card, or by the Electronic Federal Tax Payment System. Be sure to select Form 4868 or extension as the payment type.
Set up a Payment Plan
What happens if you cannot afford to pay your tax bill in full? You can apply for a repayment plan now. First, go to the IRS website and apply for a payment plan. Be sure to read through the instructions carefully and complete Form 9465.
Need More Information?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.