Sometimes life happens, and meeting that tax deadline isn’t feasible. A tax extension can give you up to six extra months to file your return, which is a relief when you need some breathing room. Filing for an extension is straightforward—you can submit it online or enlist a tax professional to help. Best of all? Extensions are almost always granted, and there are no hoops to jump through.
That said, an extension doesn’t push back your payment deadline. Taxes are still due by April 15th, so while you get extra time to file, you don’t get extra time to pay.
❗When Life Gets in the Way
Most taxpayers are unable to pay taxes on time due to various reasons, including illness, death of a family member, natural calamity, and other such scenarios. That is when Insogna CPA’s team of professionals can step in to help you find your way out of the trouble with the IRS.
💵 The Cost of Delay: Penalties for Late Payments
No matter when taxpayers file their tax returns, if they do not pay the tax owed by the standard deadline, IRS penalties and interest might begin to accrue. Even if you are unable to pay taxes, filing a return is a must, as the penalties for failure to file are much more severe than failure to pay penalties.
We’ve Got You Covered—For Free!
For our clients who have engaged us to file their 2023 tax returns and need extra time, we automatically file extensions at no extra charge. It’s one less thing for you to worry about.
Looking for a proactive CPA team that does more than just crunch numbers? Let us help you navigate the tax landscape, uncover deductions, and reduce your tax bill. Contact us today to get started!