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Did you miss the deadline to file your 2020 tax return? If you did, that’s okay. This last year has been hectic for all of us, so we understand if filing your taxes was not at the top of your priority list. If you need extra time to file your return, you can file for an extension. Keep reading to find out how and what you need to know.
How do you file for an extension?
If you need or want to file for an extension, the first thing you’ll have to do is submit form 4868 to the IRS. This will allow you to have until October 15th of this year to file your tax return. To find this form, click here.
If you owe money to the IRS you are still required to pay. You do not have to pay the entire amount at once. However, if you do not pay at all, you will be hit with penalties.
What should you do if you owe taxes?
If you are filing for an extension and think you will have to owe taxes to the IRS, you will need to include an estimate of how much you’ll owe in taxes. To do this, you will need to submit these documents:
- Last year’s tax return
- W-2
- 1099 form, or
- Any other proof of income made
The IRS offers two tools to help you do this. The first is the tax calculator, which will help you determine your estimate. The second is their direct pay feature which allows you to start paying your estimated amount. If you choose to use this feature, you are not required to submit form 4868. The IRS will automatically count your direct payment as an extension.
Are payment plans available?
Yes. if you cannot pay your owed amount in full, you can apply for a payment plan. The IRS offers both short-term and long-term options of monthly installment payments. If you are interested in participating in a payment plan or see if you qualify for one, click here.
If you need extra time to file your 2020 tax return, R&G Brenner can help you file for an extension. Contact us now for all of your last-minute tax needs.
