You Haven’t Filed Your Tax Return Yet? Time Is Almost Up

 This year you will need to deal with significant changes to the income tax code. Tax forms have been redesigned and what you can write off has changed. If you found the tax code complicated in the past, you will find it more so now. Working with a tax professional could be your best option. However, time is running out.
Tax Extensions
If you are not ready to file, you can request an extension, which will be granted automatically by filing Form 4868. You must, however, file your request by midnight, April 15. This will give you six months to complete your return. However, an extension only applies to filing your return— not for paying the money you owe. Failure to pay by the April 15 deadline will subject you to penalties.
Should you owe more than you can pay by the deadline, you have two options:
1. Contacting the IRS to request additional time to pay, which must be approved prior to the April 15 deadline.
2. Establishing an installment payment plan, which allows you up to 72 months to pay.
In either case, you will have to pay interest and penalties on the unpaid balance.
Deadline Requirements
• Filing the IRS and California tax returns
• Paying the first quarter estimated tax (if you are not subject to payroll withholding)
• Opening or contributing to an IRA
• Contributing to a health savings account
• Filing extensions
If you have questions concerning filing your return or need to see a tax professional, we welcome you to contact us immediately.
Professional Tax Services is a locally-owned provider serving over 3,500 local residents and businesses. For more information call 661-259-1967 or visit www.scvprotaxservices.com. Through their complimentary EZ2 Thrive program, they provide unlimited free tax planning advice to their clients.