How can a Tax Extension Help Me During Tax Season?

tax extensionThe deadline for submitting federal income tax returns is April 18, 2022. An automatic extension of time to file your taxes can be obtained by submitting IRS Form 4868. Tax returns must be filed by Oct. 17, 2022, and if you’re uncertain what to do, an Atlanta tax lawyer from the Law Office of Max Benkel can help.

Once it comes to tax extensions, here is what you should and must not do.

Exactly How Can I Apply for A Tax-deferral?

You can apply for your tax extensions online or by mail. The IRS may assess a late-filing penalty if you don’t request an extension by the April 18 deadline. Contact a tax lawyer Atlanta if you find yourself in that position.

Check to see if your online tool can handle Form 4868 regarding tax extension requests. It’s true for the vast majority of people. A tax extension can be digitally filed by following the system’s guidelines. Once you apply, you will receive an automatic acknowledgment from the IRS.

As a last resort, you can also ask for a tax extension by completing Form 4868 in print and mailing it through regular mail, approximately one page in length.

If you aren’t planning to utilize tax software or aren’t sure which program to use, you might want to try the IRS Free File. People making less than $73,000 in adjusted gross income are eligible for free, name-brand tax preparation through a private foundation dubbed the Free File Alliance. 

Anyone — including those with incomes higher than the criteria — can use this website to submit an online extension request. However, they might best be served by a tax attorney Atlanta if their filing isn’t straightforward.

How Long Might the Tax Extension Be?

You have until October 17, 2022, to file your tax return if you get a tax extension. While an extension doesn’t offer you extra time to pay, it does allow you to complete your returns more effectively. Compute your tax amount and deposit as much as you can before the April 18 cutoff date, if at all feasible.

Even if you gain an extension, you’ll still face the interest charge and a missed payment penalty for any money you owe once the deadline has passed. You may need the help of an Atlanta tax attorney.

If you pay nearly 90 percent of your real tax burden before the deadline and the remainder with the return, you may be exempt from the late-payment penalty.

Extensive Tax Breaks for Military Personnel and Foreign Nationals

For some taxpayers, filing for an extension of time to file their taxes is a non-issue.

You may be granted an automatic two-month extension to prepare and pay your taxes if you were a U.S. resident or citizen who was out of the region at the time of the submission deadline.

There may be more time granted to those who sustained harm by certain natural calamities, as well. However, the duration varies; so, review the schedule of qualifying catastrophes.

Based on their location and what they might be engaged in, some personnel of the military receive automatic time extensions.

Do not Forget to Submit your Paperwork by the Deadline in October

An expected payment and a request for an extension are just the beginning. You must file your final tax returns. Should you miss the October 17 extended time limit as well, you may face further fines and will need a tax attorney Georgia. 

Contact a tax Attorney for Help 

At the Law Office of Max Benkel, we know it’s possible to feel as if you’re suffocating when dealing with tax concerns like overdue payments, IRS levies, or wage garnish wages. 

Even so, realize that you’re not the only one who is going through this, and a tax lawyer Georgia can help you navigate the process. 

However, you may be able to find a simple remedy. From appealing IRS audit judgments to reaching settlements and exploring tax forgiveness programs, our tax lawyers possess the skills and knowledge needed to help. Call us today!

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