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What you Need to do after Filing an Extension for Taxes

Posted by Tom Hallissey on Jun 13, 2019 10:00:00 AM

filing an extension for taxes

After filing an extension for taxes, the first thing you should do is take a deep breath. You now have until October 15, 2019 to file your paperwork with the IRS. But don’t get too comfortable, that six months will come and go before you know it. To make sure you don’t miss the next deadline, follow these three tax tips.

3 Things to do after Filing an Extension for Taxes

1)      Check your Tax Extension Status

In addition to a Federal tax extension, you may need a state one, too.

Each state has its own requirements for obtaining an extension. Some states, like California, offer automatic extensions without additional paperwork, while others, like New York, require taxpayers to separately request a state extension.

Check-in with your state tax authority to learn the specific income tax rules you must follow.

filing an extension for taxes

2)      Pay any Taxes you may Owe

Filing an extension for taxes gives you more time to prepare your return, but it doesn’t give you more time to pay the taxes you owe the IRS. If you haven’t paid your tax balance by the filing deadline, the government could charge you penalties and interest.

Since penalties and interest accrue based on the amount you owe and how long you owe it, it makes sense to pay as much as you can as soon as you can.

3)      Get Ready to Meet the Extension Deadline

Once you have secured a tax extension, it’s time to get ready for the October 15 deadline. One of your first priorities should be to take an inventory of what information and documents you have and what you still need to get.

For example, you might not have been able to meet the regular tax deadline, because you lost your W-2 or 1099 form.

If you are missing essential documents like this, you should plan ahead and get new copies now. Being organized is one of the keys to doing tax preparation right.

filing an extension for taxes

Get Help with Finishing your Taxes

There’s nothing wrong with filing an extension for taxes, but all it really does is buy you a little time. You still will have to perform the same tax preparation before October 15 that would have had to do in April.

No matter how much time you have, tax prep is hard. If you think you might need help meeting your next tax deadline, contact an accounting professional today.

Contact us today for a Consultation. Click here!

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