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Need a tax extension? Here's how to get one

17 April 2018

"If clients are still waiting for K-1s, we file an extension", said Jonah Gruda, a certified public accountant and partner at Mazars USA. He says, "There's so many new tax laws every single year that you just can't keep up with it if you're an individual so it's beneficial for you to have someone else do it".

Please note: While an extension gives you extra time to file your tax return, an extension does not give you extra time to pay your taxes.

One more thing, if you're still owed a refund from your 2014 taxes today marks your last chance to file and still get that money back.

If the deadline is fast approaching and it looks like it won't be possible to file those taxes in time, ask for an extension. Maybe you ended up with a refund; maybe you owe some money to the federal government.

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Around 2.5 million taxpayers are now paying off their tax bills through a payment plan, according to TurboTax. You don't need to register, write a check or find a mailbox. Otherwise you could face a late payment penalty.

Usually, debit cards have flat fees.

There are set-up fees for some payment plans, although the fees are typically low. Popular tax software providers have their own solutions too. No part of the fee goes to the IRS. Simply download IRS2Go from Google Play, the Apple App Store or Amazon.

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Of course, you won't be paid a refund if you don't file.

"It will stop penalties, but you will still incur interest until the time you file and pay what you owe", Tollefson said. You can pay directly from your bank account using Electronic Funds Withdrawal. That means that taxpayers nationwide get a little breathing room and have until Tuesday, April 17, to get the job done.

Should the computer gremlins attack or you spill coffee on your keyboard, you can still pay by phone using one of the IRS-approved credit/debit card processors, or by calling the IRS directly and using EFTPS.

Choose Other Options to Pay.

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"There is $1.1 billion available to these filers in federal tax refunds", said Martin. This free system provides security, ease and accuracy.

Need a tax extension? Here's how to get one