Taxes are a burden, one that Master Plan Taxes wants to take from you. As tax day comes and goes, you can depend on Master Plan for the best Tax Preparation Services Flower Mound, TX – we’ll help you file – and in the event of an audit, we’ll represent you.
How Do Tax Extensions Work?
When you file for a tax extension, you’re formally requesting 6 more months to file your taxes. It’s important to note that a tax extension only gives you extra time to file, not pay. If there’s the slightest chance you owe this tax season, you should make an approximate payment as quickly as possible. Otherwise, the Internal Revenue Service will start to charge late fees.
As long as you filed for an extension, your request is automatically processed and accepted. That means you don’t have to wait for the IRS to look it over and ultimately accept or reject it; as soon as they receive it, you’re in the clear for 6 months.
Consequences of Not Getting An Extension
What happens if you don’t file or pay your taxes? Two different fees begin to accrue if you don’t file or pay. Interest from unpaid taxes will compound on a daily rate – at least, until you make some kind of payment. The consequences of failing to file (including once the 6-month extension has passed) can be waived if you can provide solid evidence as to why you didn’t file. (i.e. Not receiving necessary forms on time.)
Regardless of your income bracket or how late you are filing, Master Plan Taxes can help. Trust us – you don’t have to do this alone.