An extension to file is not an extension to pay taxes

Filing season reminder: An extension to file is not an extension to pay taxes

For most individual taxpayers the tax filing and payment deadline was postponed to May 17, 2021. Those who need more time to file beyond the postponed date, can request an eextension to file.

Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15, 2021 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date.

How to request an extension to file:

To get an extension to file, the IRS urges taxpayers to do one of the following:

• File Form 4868 through a tax professional, such as Loeffler Financial Group
• Submit an electronic payment with Direct Pay, Electronic Federal Tax Payment System or by debit, credit card or digital wallet and select Form 4868 or extension as the payment type.

An automatic extension of time to file will process when taxpayers pay all or part of their taxes electronically by the Monday, May 17 due date.

If you are still panicking to get all your documentations organized and ready for taxes to be prepared, contact Loeffler Financial Group to file an extension before the May 17th deadline.