TAX DAY PANIC: ARE YOU READY OR IN DEEP TROUBLE?
THE CLOCK IS TICKING! April 15 is racing towards us faster than you can say "tax refund!" If you’re sweating bullets at the thought of filing your return, relax! We’ve got the scoop on how to buy yourself precious extra time without losing your mind!
19 MILLION TAXPAYERS CAN’T BE WRONG! That’s right—IRS estimates show a massive wave of nearly 19 million of you are clamoring for extensions on your 2023 tax returns. Requesting one will magically give you until October 15 to pull your financial ducks in a row! So, if you’re missing key documents or just need to sort through the chaos of receipts and statements, take a breather!
BUT WAIT! DON’T GET TOO COMFORTABLE! An extension doesn’t give you a free pass to pay taxes! If you owe money, the interest and penalties will start piling up faster than your credit card bills if you don’t pay by April 15!
HOW TO GET YOUR EXTENSION WITHOUT BREAKING A SWEAT!
GET READY TO FILE LIKE A PRO! The easiest way to snag an extension is by submitting Form 4868 ONLINE! Whether you’re using a handy accountant or whirl into action with TurboTax or H&R Block, this step is child’s play!
Prefer the old school route? Download the form from the IRS website and send it off by mail, but be smart—use certified mail to prove you didn’t miss the deadline like a procrastinator! Get your location-specific IRS address handy and make that submission count!
PAYING AS YOU GO? You can even pay some of your estimated taxes via the IRS Direct Pay system or a credit card while filing your extension. Just mark "extension" or "Form 4868" so you can rest easy knowing you didn’t drop the ball!
NO FEES TO FILE—THAT’S HOT!
That’s right! Filing a tax extension with the IRS is FREE! But be cautious—if you choose software or a tax prep service, they might charge you for their help. And using a credit card for your estimated payments usually comes with a processing fee from the payment processor, but NOT the IRS!
THINK YOU CAN’T FILE IF YOU OWE TAXES? THINK AGAIN!
YES, YOU CAN FILE AN EXTENSION EVEN IF YOU’RE BURIED IN TAX DEBT! Avoid the dreaded failure-to-file penalty of 5% MONTHLY on your unpaid taxes by filing on time. If you can’t cough up the entire bill, at least file your return or extension on time and pay what you can!
NEED MORE TIME TO PAY? IRS HAS YOUR BACK!
The IRS offers multiple payment options for those feeling the financial heat. Can you pay off your tax debt in 180 days? You’re in luck! You can snag a short-term payment plan with NO setup fees! Just keep in mind—the interest and penalties keep rolling until the bill is paid!
Got a larger tax debt? You can ask for a monthly payment plan—setup fees vary depending on how you apply.
FINANCIAL HARDSHIP? If pennies really are tight and taxes are squeezing your wallet, you might settle for less than you owe! If paying would mean struggling to afford your basic needs, you can plead with the IRS for a temporary halt on collections while you get back on your feet.
REMEMBER THIS: IGNORING THE TAXMAN IS NEVER THE ANSWER!
File your return or get that extension in from the get-go! Pay what you can, and set up arrangements for the rest—they’re the keys to surviving tax season without losing your sanity!
Don’t let April 15 scare you! Know your options, file smart, and tackle that tax season like the pro you are!
photo credit: money.com
