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FILE, FILE, FILE….

In Accounting & Finances, Business, Taxes on April 16, 2012 by Sufen Wang Tagged: , , , , , , ,

 
Can’t Pay? It’s Okay! Don’t Delay, File Your Returns Today
 
 
Tax returns will be due in less than 48 hours. Don’t have a panic attack if you can’t pay all the taxes you owe when you file. There are always solutions to problems…..  But File, File, File – on time. It’s better to file right now and pay as much as you can, than to not file at all. If you don’t, you’ll be looking at a late filing penalty, in addition to a late payment penalty, and accrued interest charges.  Or make sure you file an extension by April 17 with some estimated tax along with it. 
 

This extension will give you an extra 6 months, until October 15.  But remember this extension will only give you extra time, but not to reduce your tax liabilities.  Interest and penalty will continue to accrue during this 6 months extended period on your tax responsibilities.    Folks, DO NOT wait until October 15 to seek another extension, because there is NO extension on your extension… 

Business Extension Form 7004.

Personal Extension Form 4868.

 
If you are not able to pay your taxes right now, still file your returns on time, and then request for an installment payment agreement from the IRS (for a fee, of course). You can also use this option when your bill arrives from the IRS.  Remember the IRS also accept credit cards…  In any case, File, File, File… 
 
 
On the Money
Sufen Wang
Wang Solutions
 
 

One Response to “FILE, FILE, FILE….”

  1. Don’t panic if you have not filed your taxes yet…

    It’s nearly tax day, and even if you really waited until the last minute this year, there are options out there for you.The first thing to keep in mind is that you aren’t alone. The Internal Revenue Service estimates that 20 to 25 percent of taxpay……

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