Tax Extension: What to do before the tax extension filing deadline


It’s almost time for the roughly 19 million Americans who asked for an extension to submit their 2021 tax returns. The IRS states that taxpayers who asked for more time “had until October17, 2022 to file an appropriate return.”

To avoid processing delays, those who asked for an extension but already have all they need to apply are urged to submit electronically before the deadline.

There are crucial actions taxpayers who asked for an extension can do as the deadline approaches to enhance their situation.

Consult a tax debt relief specialist if you’re concerned about the amount of taxes you owe and aren’t sure what to do next. There are numerous approaches to dealing with unpaid tax liability.

3 things to do before the tax extension filing deadline

In order to reach the October 17 deadline, you must do this as soon as possible:

Don’t delay

If you still haven’t resolved your tax status, make sure to do it as soon as you can because the deadline is drawing near. Get organized, assemble all documents in one place, and find any lost ones as soon as possible.

Here, too, the initial justification for your request for an extension is relevant. You should already have everything you need for 2021 if filing your return simply required obtaining all the necessary paperwork. If so, you might want to file right now.

To ensure that you don’t miss the deadline once more, you could require extra assistance if financial concerns prevented your return.

Think about contacting a financial advisor online right now. They can provide you with whatever information you need and point you in the proper direction.

Hire a professional

If you typically file your taxes alone but asked for the extension for a financial reason, think about getting assistance. Accountants may always offer dependable and expert tax guidance, but they will charge you for their services. Even so, it might be worthwhile.

They can provide you advice on tax deductions, charity contributions, how and whether you should file your taxes differently than you did in the past, and more. They can also advise you on future modifications you should make to avoid needing to submit a new extension request in 2023.

Don’t worry if you already owe money in taxes. You can also get aid from a tax debt relief specialist. They can work to negotiate payroll taxes, settle past taxes, and lessen IRS tax obligation.

File electronically

Even when processing claims during the regular tax season, electronic filing is typically more swift. But now that the filing extension date is approaching, going in this direction makes even more logical.

On its website, the IRS recommends people who still need to submit their returns for 2021 to do so electronically and, if they are entitled a refund, to select direct deposit.

When a person chooses direct deposit, their refund goes immediately from the IRS into their bank or financial account, bringing them their refund in the shortest amount of time possible. Filing electronically is quick, accurate, and secure.

One thing to keep in mind: Puerto Rico residents who were affected by Hurricane Fiona and had a valid extension of time to file set for October 17, 2022, recently received an extra extension to February 15, 2023.

According to the IRS, anybody who live or own a business in any of Puerto Rico’s 78 municipalities and were impacted by Hurricane Fiona are eligible for tax assistance.

Source link

Leave A Reply

Your email address will not be published.