Latest news with #LarryHoicowitz
USA Today
15-04-2025
- Business
- USA Today
The IRS tax deadline is upon us. Here's what to know about requesting an extension.
The IRS tax deadline is upon us. Here's what to know about requesting an extension. Show Caption Hide Caption Tax Day is coming up on April 15 — what to know about filing Tax Day is coming up on April 15. Here are some tips for making the process as smooth as possible. Today is Tax Day, which means many taxpayers in the United States may be scrambling to file their forms ahead of the looming deadline. If you're among those who procrastinated your taxes, not to worry: The Internal Revenue Service makes it possible to request a deadline extension. And residents in several states hit this year with severe weather may find that the IRS has automatically provided them with more time to get their paperwork in order. Here's what to know about filing tax extensions, and if you live in a state with an automatically extended deadline: When is the tax deadline? For those without extensions, the deadline to pay taxes is on April 15 at midnight in the time zone the taxpayer is based in, according to H&R Block. Those who mail in official tax forms will meet the deadline as long as they properly postmark it by the due date even if it is received later. Meanwhile, those who file online or through tax software must transmit on or before midnight on April 15 to avoid IRS penalties. Why would you need a tax extension? Tax filing extensions are often reserved for those who have complications that make it hard to get all their paperwork together in time. Because far fewer accountants are out there than there used to be, those who prefer to work with one for tax prep may find that the professional even files an extension on their behalf if that person is overwhelmed. How do you file a tax extension? Those interested in filing an extension for federal taxes can use IRS form 486, though it is recommended to file your extension electronically. The IRS has long been notorious for not keeping on top of the mail it receives, Larry Hoicowitz, owner of Larry Hoicowitz CPA, a Cleveland-based financial planning practice, previously told USA TODAY. 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. But an extension on filing your taxes does not mean you have an extension on paying your taxes. Those who do file can request an automatic extension until Oct. 15 but still must pay the IRS any money they owe by Tuesday, April 15. IRS postpones tax deadline for several states A handful of states, including Tennessee, Arkansas and Kentucky, will automatically have more time to file their taxes as the Internal Revenue Service accommodates victims of natural disasters. The postponement is meant to serve people and businesses impacted by severe weather that brought brutal storms, flooding and tornadoes earlier this month, according to the IRS. See if your state is included − and what those deadlines are − in this list of tax deadline extensions.
Yahoo
15-04-2025
- Business
- Yahoo
The IRS tax deadline is upon us. Here's what to know about requesting an extension.
Today is Tax Day, which means many taxpayers in the United States may be scrambling to file their forms ahead of the looming deadline. If you're among those who procrastinated your taxes, not to worry: The Internal Revenue Service makes it possible to request a deadline extension. And residents in several states hit this year with severe weather may find that the IRS has automatically provided them with more time to get their paperwork in order. Here's what to know about filing tax extensions, and if you live in a state with an automatically extended deadline: For those without extensions, the deadline to pay taxes is on April 15 at midnight in the time zone the taxpayer is based in, according to H&R Block. Those who mail in official tax forms will meet the deadline as long as they properly postmark it by the due date even if it is received later. Meanwhile, those who file online or through tax software must transmit on or before midnight on April 15 to avoid IRS penalties. Tax filing extensions are often reserved for those who have complications that make it hard to get all their paperwork together in time. Because far fewer accountants are out there than there used to be, those who prefer to work with one for tax prep may find that the professional even files an extension on their behalf if that person is overwhelmed. Those interested in filing an extension for federal taxes can use IRS form 486, though it is recommended to file your extension electronically. The IRS has long been notorious for not keeping on top of the mail it receives, Larry Hoicowitz, owner of Larry Hoicowitz CPA, a Cleveland-based financial planning practice, previously told USA TODAY. 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. But an extension on filing your taxes does not mean you have an extension on paying your taxes. Those who do file can request an automatic extension until Oct. 15 but still must pay the IRS any money they owe by Tuesday, April 15. A handful of states, including Tennessee, Arkansas and Kentucky, will automatically have more time to file their taxes as the Internal Revenue Service accommodates victims of natural disasters. The postponement is meant to serve people and businesses impacted by severe weather that brought brutal storms, flooding and tornadoes earlier this month, according to the IRS. See if your state is included − and what those deadlines are − in this list of tax deadline extensions. This article originally appeared on USA TODAY: Everything to know about IRS tax deadline extensions Sign in to access your portfolio
USA Today
18-03-2025
- Business
- USA Today
Need a tax extension? What to know about filing one.
Need a tax extension? What to know about filing one. Show Caption Hide Caption 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. Fox - LA 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.
