Optima Tax Relief Reviews Key Items Taxpayers Need to Remember When Filing an Extension

If you filed a tax extension because you needed more time to file your taxes, it’s important to know that you have until October 15th before the IRS considers it late and places additional penalties against you.

Optima Tax Relief reviews what a taxpayer needs to know when filing a tax extension:

1. Get your tax refund ASAP. If you expect to receive a tax refund after filing your taxes, the IRS recommends filing as soon as possible in order to get your money quickly. For those who are expected to receive a refund, the IRS typically won’t penalize you.

2. Pay off your tax debt as soon as possible. Taxpayers are advised to pay off their tax liability by the initial tax deadline but if for some reason a taxpayer needs more time to pay off their balance, the IRS provides payment options online in order to help avoid staying compliant and out of collections. 

3. Avoid interest and penalties by filing on time. The IRS strongly recommends that taxpayers file their taxes before the final tax extension deadline of October 15th in order to avoid failure-to-file penalty and the IRS tacking on additional interest. 

4. What to do if you miss the tax deadline. If you forgot to file your tax return, not to worry, the IRS offers the option to file a tax extension. Taxpayers have up until October 15^th to prepare and file their tax return to the IRS. Although the IRS prefers taxpayers to file on the initial tax deadline, they understand that unexpected circumstances may arise that could cause a taxpayer to miss the initial tax deadline. It is also important to know that even with a tax extension, this will not stop additional interest and penalties from adding up. 

5. Those serving in the military have more time to file. Members in the military or for those who are serving in a combat zone, the IRS provides more time to file. These taxpayers usually have up to 180 days after they leave their combat zone to both file returns and pay any taxes that are due.