This is your official tax day alert! You need to have your taxes filed by Monday April 18th, 2022, one week from today. If you do not file by that deadline, you will be facing penalties for late tax filing.
Tax day is fast approaching! Many people wait until the very last minute to file their taxes, which we completely understand; life can get busy at times. Don't fret about not having anything together or even contacting your CPA yet. We have a solution for you.
To ensure you know everything there is to know about filing for an extension on your personal taxes we've compiled some guidelines.
Extensions don't actually cause penalties and are encouraged for those who are not yet prepared to file their taxes and need a bit more time. This initial extension will give you until October 15th 2022 to finish and submit your tax return. Check to see if you automatically qualify for an Extension. Certain tax filers will have special rules for taxes, such as those in military service overseas, are given automatic extensions of up to 90 or 180 days.
For both federal returns and Colorado taxes, when asking for an extension, the IRS will only notify you if the request is being denied, which is highly unlikely unless you are not following the aforementioned dates. If the request for an extension is not postmarked as April 15th or earlier, there is a good chance you will be met with a tax penalty. Generally this penalty is 0.5% of the amount you owe per month. Once your extension has been filed, 6 months may seem like a long lead time to get everything done and file your personal or business taxes, but this is a fallacy. Just like with the April 15th deadline, your CPA is going to be swamped with extensions if you wait until October before filing. Try to get a jump on it as soon as the extension has been filed. At Geyer & Associates, we appreciate being given ample time to compile your taxes. The larger window of time you give a professional accountant, the more time they have to work on it and ensure you are saving the most on taxes.
Are you unable to pay and therefore avoiding the tax filing process? Not to fear, we can help you set up a payment plan for taxes owed, there even might be a chance to get money back when filing with an expert. Moreover, it is imperative that you file for an extension even if you fear the payment process. There is nothing worse than owing a late fee on top of what is already potentially owed.
We understand that tax day comes with a lot of apprehension because frankly the IRS can be scary even when they owe YOU money. Make sure you have certified local Fort Collins CPAs on your side by April 15th to either file your taxes or file your tax extension.
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If you have further questions, feel free to schedule a meeting with us by contacting us directly HERE.