Tag: tax extension

Reasons Why You May Need to File for a Tax Extension

Written by Paul Belfiore on March 28, 2025. Posted in Blog, Taxes.

Amherst, NH Resident Begins to Worry

In many situations filing for a tax extension is a very smart move, particularly with the April tax deadline looming. It is important that your tax return be complete and error-free. Tax filers that need more time to prepare the documents and gather their numbers may find it advantageous to file an extension rather than scrambling at the last minute to piece everything together, putting themselves at risk for making an error. This is particularly true if you want to seek the advice of a tax professional. Giving yourself, and your tax preparer more time, can make sure your paperwork is filed properly.

Payment Options If You Owe Back Taxes to the IRS

Written by Paul Belfiore on October 11, 2024. Posted in Blog, Taxes.

Milford, NH Resident Looks for Help

When you owe back taxes to the IRS, it is important to have an open line of communication with the agency. In most cases, they are willing to work with you to set up a payment plan or negotiate the balance owed. If you neglect to pay or communicate with the IRS regarding your outstanding tax bill, you may face liens on your home and other property, wage garnishment, and even restrictions placed on your passport. If you owe less than $50,000, you may be able to repay this money through the streamlined installation agreement. This allows you up to 72 months to repay the money. You can ask the IRS for an extension to pay, giving you an additional 180 days to gather the funds before paying the bill.

What Happens If You Don’t File Your Taxes on Time?

Written by Paul Belfiore on April 12, 2024. Posted in Blog, Taxes.

Milford, NH Resident Starts to Panic

If you miss the tax deadline and owe money on your taxes, you will likely incur a penalty up to 5% of the amount of taxes you owe for each month that it is late. This penalty will accrue on top of the tax payment that you already owe the IRS. If this extends beyond sixty days, the minimum penalty is $100 or 100% of the tax due, whichever is less. If you file for an extension this must be done prior to the tax deadline. The extension will give you until October 15, 2024 to file your 2023 taxes. Filing the tax extension in time and subsequently filing your taxes before the October deadline will wipe out the incurred penalties.