Filing Extensions

If you’re not able to file your tax return by the due date, you should file for an extension with the IRS and respective states to avoid late filing penalties. Filing an extension will grant you an additional six months, providing you with a deadline of October 15^th.

While an extension allows you extra time to file, it does not grant you additional time to pay the taxes owed.However, you can secure more time to submit your federal/state tax return, whether for personal or business. Contact us, and we will manage the extension filing for you.

If you’re living outside the United States, you may be eligible for an extension by filing IRS Form 2350: Application for Extension of Time to File U.S. Income Tax Return, especially if you qualify for special tax treatment. You can check IRS Publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad to see if this form applies to your situation.

If you fail to file either an extension or your tax return by the appropriate deadlines—March 15th for S-Corps, Partnerships businesses required to file form 1065 and April 15th for Individuals, C-corps and Sole Proprietors —the IRS will impose interest and penalties on any unpaid federal/state taxes.

If you do not file and owe taxes, the failure-to-file penalty is 5% per month (up to five months) of the amount due. If your return is more than 60 days late, a minimum penalty of $135 may apply. Additionally, a failure-to-pay penalty of 0.5% per month (up to 25%) will be charged if you file an extension or return but fail to pay the taxes owed on time.