Tag Archives: tax extension

How to Prepare for Your Tax Extension Deadline

After the past year, we’ve had, you may be behind on filling for this year’s tax return. If you filed for a tax extension, you have until October 15, 2021, to submit all your forms. Even though that may seem far away, it will be here before you know it, so make sure to start preparing now! Read on for a few tips to help keep you on track before your tax extension deadline.

Steps to Take after You’ve Filed for a Tax Extension

Check Tax Extension Status

If you submitted Form 4868, it’s recommended that you check your tax extension status to make sure your request has been granted, so you don’t get hit with penalty fees. For those who mailed in your extension, you will need to call the IRS customer service number to confirm that your tax extension was received and approved.

Organize Your Tax Documents

Before you start preparing your return, take the time to gather all your important documents, including a W-2 Form, 1099 Form, and receipts from the past year. This might sound tedious, but if you arrange all your forms prior, it will make it easier to find them later on. Creating a checklist and having a designated folder for all your documents will help you stay organized so you can avoid making errors.

Hire a Tax Professional

Filing for your tax return can be a stressful and lengthy process, especially if you’re doing it alone. Everyone lives are busy, and the spare time you do have you most likely don’t want to spend on your tax return. Hiring a skilled and qualified tax expert can help make the process easier. Our accountants work in your best interests, to save you the highest amount possible. They will work with you every step of the way to ensure all forms are filled out correctly and on time.

File Your Tax Return On Time

This is not the time to procrastinate! Allow yourself to enjoy your summer knowing that you already submitted your tax return. Even though the tax extension is six months, the earlier you start, the better off you will be in the long run. Also, the earlier you submit your return, the faster you’ll receive your refund. Look at it this way: the money you receive from your refund can go towards paying off debt, an emergency fund, or even using a portion of it for leisure this summer.

If you want to avoid feeling stressed and overwhelmed when filing for your tax return, then don’t wait until the last minute to get started. The accounting professionals at Calabrese & Associates, P.C. are willing and able to help you before the tax extension deadline. Contact us today to find out more about the tax services we provide!

All You Need to Know About the 2021 Tax Extension

 

If you haven’t started on your tax return, don’t worry! The IRS has officially announced that they are pushing back the tax return deadline this year to May 17, 2021, due to the ongoing pandemic. If you have questions regarding this year’s tax extension, let us help!

The Answers to All Your Tax Extension Questions

1.      Why Has the Tax Deadline Been Extended?

Due to the COVID-19 pandemic, the IRS has made the decision to extend this year’s federal income tax filing deadline for an extra month. This tax extension is to give taxpayers enough time to file and make payments, without interest or penalties. Since this tax season is guaranteed to look different, there are a few extra steps you need to take that will make the tax return process longer, including:

  • Reporting Unemployment Benefits and PPP Loans
  • If you received or didn’t receive your stimulus check(s)
  • Claiming Charitable Donations

2.      Who Does the Tax Extension Apply to?

This year’s tax extension applies to individual taxpayers and individuals who pay self-employment taxes. This means that if you owe money or need to submit your tax return, you don’t need to until May 17, 2021. Taxpayers don’t need to file any forms to qualify for this tax extension.

3.      What Doesn’t Appy to the Tax Extension?

Unfortunately, businesses and quarterly estimated tax payments do not apply for this year’s tax extension. The first quarterly tax payment for businesses this year is still due on April 15, 2021. Also, the May 17th income tax extension only applies to your federal taxes, not state taxes.

4.      What You Should Do Before the Deadline?

Some steps to take before you file for your return are to make sure all tax documents are in order, decide if you need to hire a tax professional and make a plan for your tax return.

If you’re behind on filing your taxes this year, you have some extra time to make sure you’re prepared for the deadline. It’s not too late to hire an accountant! Allow the tax professionals at Calabrese & Associates, P.C. to help you this tax season. Contact us today with any questions or concerns you may have.