Filing for a Tax Extension (Taxes: Part I)
Albert Einstein once said, “The hardest thing in the world to understand is the income tax.” This episode is one of a two-part series on your federal income taxes.
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First, a disclaimer: Although I am an attorney, the legal information in this podcast is not intended to be a substitute for seeking personalized legal advice from an attorney licensed to practice in your jurisdiction. Further, I do not intend to create an attorney-client relationship with any listener.
Taxes. Albert Einstein once said, “The hardest thing in the world to understand is the income tax.” This episode is one of a two-part series on your federal income taxes. This episode will cover the basic mechanics of filing for an extension. The second episode will feature Money Girl, another QD Now podcaster. We will discuss the pros and cons of filing late, both legal and practical. We will also give you some last-minute tips on completing your return.
The quick and dirty tip for all tax filings is to be complete, timely, and accurate. This advice may sound simple, but following it will help you avoid many problems down the line. One very important point to remember is that an extension to file your return is not an extension to pay your taxes. An extension simply allows you more time to fill out your return.
Normally, your federal taxes are due on April 15 of each year. This year, April 15 falls on a Sunday, and Monday, April 16 is Emancipation Day, a holiday in Washington, D.C., so the IRS has pushed the deadline back to April 17. You still have time to finish (for some of us, start) your tax return.