An Extension to File is NOT an Extension to Pay!
Greetings from the Seth & Alexander team!
Returns for individuals filing their 2021 taxes were due last Monday, April 18TH. The IRS has recently issued guidance for those who missed the filing deadline. They encourage filing as quickly as possible to avoid possible penalties and interest, and outline who can request more time to file.
If you are due a refund, there is no penalty for filing after the April 18 deadline. You must still file in order to get a refund.
Taxpayers should file their tax return and pay any taxes they owe as soon as possible to reduce penalties and interest. Reminder: An extension to file is not an extension to pay. An extension to file provides an additional six months with a new filing deadline of October 17. Penalties and interest apply to taxes owed after April 18 and interest is charged on tax and penalties until the balance is paid in full.
Some taxpayers automatically qualify for extra time to file and pay taxes due without penalties and interest, including:
Members of the military who served or are currently serving in a combat zone: They may qualify for an additional extension of at least 180 days to file and pay taxes.
Support personnel in combat zones or a contingency operation in support of the Armed Forces: They may also qualify for a filing and payment extension of at least 180 days.
Taxpayers outside the United States. U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico, including military members on duty who don't qualify for the combat zone extension, may qualify for a 2-month filing and payment extension.
Some disaster victims: Those who qualify have more time to file and pay what they owe.
If you know anyone with this issue, or simply have any more questions regarding your return, don’t hesitate to call us at (713) 965-7572