“Stay committed to your decisions, but stay flexible in your approach.”
Most people are familiar with the April 15th annual tax due date and make sure to prepare in advance. However, it’s important to be familiar with other deadlines too. Some people may be eligible for a tax extension and depending on each individual situation, tax due dates may vary.
This is a great time to consult with a tax advisor, like those at ERPS Group. Depending on each unique circumstance, filing after the deadline can be subject to penalty. This is due to legal reasons. For example, if you file after the typical deadline, to the IRS it may show up as a failure-to-pay. So, depending on how many days “late” your payment is, you could inquire unnecessary fees.
Now, if you are eligible for an extension and plan accordingly, you will have until October 15th to complete your tax return filing. This will provide an additional six full month to most taxpayers. Those that are able to have a tax extension will still need to pay any owed taxes or will still be subject to enquiring late payment charges.
The federal government may grant an extension if requested. Reasons for an extension will vary from person to person. An explanation is not required when applying for a tax extension. Sometimes taking additional time can help you to feel better prepared and can save you more money in the long run!
Want to learn more about how you can save money annually this tax season? ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.
Interested in learning more? Contact us today at (347) 462-2778.