An easy way to file a tax return extension due today
One option per the IRS -
Pay online and click on extension. Taxpayers simply pay what they owe using an online payment option, then click on extension as the reason for the payment. The taxpayer will receive a confirmation number of their extension for their records. There’s no need to file any additional forms.
https://www.irs.gov/payments
The failure to pay penalty is 0.5% per month. The failure to file penalty is 5.0% per month. Both are typically capped at a maximum of 25%. Just a word to the wise.
If you owe big bucks pay as much as you can now with your extension to help keep interest and penalty as small as possible. If you overpay you can choose to apply all or part of your over payment to your 2025 taxes when you file your 2024 return.
As of 12/31/2024 you can not longer purchase electronic I-Bonds with your federal tax over payment.
Most tax preparers will take this April 16 off. If you will use a preparer they will appreciate you not waiting until near the 10/15/2025 extended due date, for individuals, to get your preparer your tax information and electronically file your return(s).
Help your preparer, and yourself, by completing any tax organizer they provide. There are certain questions the IRS mandates the preparer ask you like do you have any digital assets or foreign accounts in 2024?
To avoid headaches please verify your bank routing number, account number and type of account if you will have any over payment direct deposited or if you are are having any balance due drafted.
If possible, provide your data to your preparer in the format they prefer. When I review a return for a colleague I type any notes or comments as I have lousy penmanship. I suggest you do the same if your hand writing is hard to read. Most prepares prefer that you skip staples for anything on paper. Please skip post it notes, it just jams the scanner or copier.
If your preparer wants their engagement letter signed my experience is that will likely be required for the preparer to do your work.
Hey Rick, any comment about availability of volunteer tax services after April 15?
Pay online and click on extension. Taxpayers simply pay what they owe using an online payment option, then click on extension as the reason for the payment. The taxpayer will receive a confirmation number of their extension for their records. There’s no need to file any additional forms.
https://www.irs.gov/payments
The failure to pay penalty is 0.5% per month. The failure to file penalty is 5.0% per month. Both are typically capped at a maximum of 25%. Just a word to the wise.
If you owe big bucks pay as much as you can now with your extension to help keep interest and penalty as small as possible. If you overpay you can choose to apply all or part of your over payment to your 2025 taxes when you file your 2024 return.
As of 12/31/2024 you can not longer purchase electronic I-Bonds with your federal tax over payment.
Most tax preparers will take this April 16 off. If you will use a preparer they will appreciate you not waiting until near the 10/15/2025 extended due date, for individuals, to get your preparer your tax information and electronically file your return(s).
Help your preparer, and yourself, by completing any tax organizer they provide. There are certain questions the IRS mandates the preparer ask you like do you have any digital assets or foreign accounts in 2024?
To avoid headaches please verify your bank routing number, account number and type of account if you will have any over payment direct deposited or if you are are having any balance due drafted.
If possible, provide your data to your preparer in the format they prefer. When I review a return for a colleague I type any notes or comments as I have lousy penmanship. I suggest you do the same if your hand writing is hard to read. Most prepares prefer that you skip staples for anything on paper. Please skip post it notes, it just jams the scanner or copier.
If your preparer wants their engagement letter signed my experience is that will likely be required for the preparer to do your work.
Hey Rick, any comment about availability of volunteer tax services after April 15?
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