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Tip of the Month for April 2012
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Tip: Filing Tips for Procrastinators
If you enjoy the adrenaline rush of the eleventh-hour dash but have cut it too close to get your 2011 tax return completed by April 17, relax. File an extension application and your paperwork is not due until Oct. 15, 2012. There are a couple of things you should keep in mind if you intend to do this:
The IRS expects that you have paid taxes throughout the year and that your April filing will show either that you owe a small amount more or are entitled to a refund. If something unusual and unanticipated has happened and you are facing a large tax bill, get help immediately from a tax professional. What can you do if you find yourself facing a very large tax bill when your cash flow is limited? First of all, take some action. Setting up a payment plan and coming to some agreement with the IRS is crucial. They want their money. Credit Card
Installment Plan with IRS
The commentary above is general in nature. In all matters involving your taxes, consult with a tax professional before taking any action. |