If you were unable to meet the 2022 tax filing deadline of April 15th for the 2022 tax filing year, you or your Tax Preparer should have submitted a filing extension prior to the deadline. It is easy for an individual to do, simply visit the IRS website and fill in your information. An extension allows you up to six months, until October 15th for Individuals, to electronically file your return. If you are filing a return after the extension deadline, you may need to file on paper.
Extensions are simple if you do not owe any money to the IRS or are expecting a refund. You will still receive the refund within the expected four weeks’ time, either by automatic deposit or paper check. If, however, you do owe the IRS money, pay your anticipated amount owed by April 15th with the extension. Otherwise, you will be penalized with high interest charges and late fees.
If you have filed an extension and have not yet paid your amount owed, do not panic. You can keep your interest charges and late fees to a minimum if you file sooner rather than later; the fees accrue the day after they are due, up to 25% of what you owe. If IRS penalties still confuse you, read their “Eight Facts on Late Filing and Late Payment Penalties.”
With an Extension, your Tax Return will be due six months after the initial deadline. For Individuals, the initial deadline is April 15th. With the extension, an Individual’s deadline will be October 15th. For other filers, such as an S-Corp, your deadline will be September 16th. For a full breakdown of any deadlines that might apply to you, you will find a great comprehensive list here.
At PHD Tax, we make sure every client meets any deadline applicable to them, whenever possible. A deadline will not come and go without you knowing about it. To find out more about us, visit our About Us page. If you would like to learn more about how a Tax Preparer can best help you navigate tax laws and the many deadlines, call the office at (425) 242-0636 or email us at office@phd-tax.com
