After filing a tax extension, taxpayers should prepare and file their tax return as soon as possible by the new October 15 deadline to avoid penalties. They may need to hire a tax professional to prepare their return if they have a complicated financial situation. While an extension provides more time to file, it does not extend the deadline to pay taxes owed, so taxpayers should pay an estimate of taxes due by April 15 to avoid failure to pay penalties. If unable to pay, taxpayers can set up a payment plan with the IRS or a tax professional.

1. Things to Do
After Filing
a Tax Extension
Here are some things you should keep in
mind after filing a tax extension.

2. Prepare Your Return
ASAP
Prepare and file your tax return as soon as you can. While you have
until October 15 to submit your tax return, avoid the last minute rush by
filing sooner rather than later. You can either e-file or submit a paper
return. Remember, you can’t file for an extra extension
past October 15, so file that return!

3. Hire Tax Professional
If you aren’t comfortable filing your return on your own, have had tax issues
in the past or a have complicated financial situation, you should consider
hiring a tax professional to prepare your return. It is better to find one as
early as possible; your tax preparer’s rates may increase the
closer it gets to the filing deadline.

4. Don’t Wait to Pay Your Taxes
The extension to file is not an extension to pay. Your taxes are due on
April 15th, whether or not you’ve filed an extension. In order to avoid
penalties, pay an estimate of what you owe by April 15th. As long as
you pay at least 90 percent of the balance due, you will normally not be
charged the failure to pay penalty.

5. Set Up a Payment Plan
If you filed for an extension because you can’t afford to pay your taxes,
contact the IRS or a licensed tax professional for help setting up a
payment arrangement immediately. A licensed tax professional will
help you to find the payment arrangement that best suits
your financial situation.

6. To Learn More
Visit
www.taxassistancegroup.org
Or Call
(855) 549-7829