Need a tax extension? What to know about filing one.
Need a tax extension? What to know about filing one.
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FEMA extends deadline to apply for wildfire relief
FEMA has extended the deadline for L.A. wildfire victims to apply for federal aid to March 31. It was set to expire on March 10.
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For Americans accustomed to doing things on time, filing for a tax extension may seem like an unusual step. But there are lots of valid reasons you may want to get an extension, experts say – as long as you keep a few key things in mind. Here's what you need to know.
Why would you need a tax extension?
Some of the most common reasons increasingly have to do with investing in partnerships, said Larry Hoicowitz, owner of Larry Hoicowitz CPA, a Cleveland-based financial planning practice. That pertains to corporate entities like law firms, but also LLC's, some trusts, and S-Corporations. You may have some partnerships among some of the financial products you own without realizing it.
Partnerships have more time to complete their accounting for the year just ended, Hoicowitz noted, and can also file for extensions of their own. If you're invested in one or more through your brokerage, it may take that company a while to get you your statements, and you may also receive statements marked as "preliminary" while you're waiting.
Beyond those types of investments, you may simply have complications that make it hard to get all your paperwork together in time.
Finally, it's also important to keep in mind that there are far fewer accountants out there than there used to be. If you work with one for tax prep, that professional may be more overwhelmed than you realize, and may need to file an extension for you even if you think you've gotten your paperwork in with plenty of time to spare.
More: IRS cuts may mean refund delays and long waits. File early before potential cuts, CPAs say
What do you need to know about extensions?
While filing for an extension itself isn't a big deal, there is an important caveat, said David Alvarez, a San Antonio-based financial adviser with PAX Financial Group.
'The key thing that you have to remember is that it's an extension on filing your taxes,' Alvarez said. 'It's not an extension on paying your taxes.'
That's why it's always a good idea to have a general sense of how much you're going to owe in taxes to the IRS and your state and local taxing entities, and to be reasonably current with those payments.
Whether you decide to file for an extension on your own – that's IRS form 4868 for federal taxes – or with the help of a professional tax preparer, make sure you also make a payment if you're at all concerned that you may have underpaid. You can be penalized for underpayments.
Also important to keep in mind: always file your extension electronically.
The IRS has long been notorious for not keeping on top of the mail it receives, Hoicowitz said. Add to that layoffs that have cut staff, and a chaotic return-to-office transition, and you're far better off submitting anything important to the agency by electronic means. It's likely a good idea for state extensions, as well, he added.
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