Did you file for an extension?

May 1, 2014 by Triangle Tax Services

tax-services-woodhavenWhile another tax deadline has come and gone for this year, that doesn’t mean that everyone has finished filing. If you are someone who could not meet this year’s individual tax filing deadline of April 15th, 2014, our tax services office in Woodhaven can help you file for an extension.

When individuals can’t make the April 15th deadline for filing income tax returns, you are able to file for a 6 month extension, moving your individual income tax filing deadline to October 15, 2014. You will qualify for this extension after filing Form 4868, which is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

Our tax specialists at the Woodhaven Triangle Tax Services office will file this extension form for you, helping you acquire more time to file your individual income taxes. It is important to note, however, that if you owe any taxes, these were still due by the April 15th deadline. Your taxes can be paid at the same time as filing for an extension. Any due taxes that are paid after the April 15th deadline will be subject to penalties and interest.

When you are granted a 6 month extension for filing individual income tax, you will also have 6 additional months to fund a solo 401k or a SEP-IRA (Simplified Employee Pension Individual Retirement Arrangement.) The plans need to be set up during the tax year, but can be funded up until the extended deadline of October 15, 2014. So a tax extension will buy you more time to put money into these plans.

If you are waiting for important tax documents to arrive or need additional time to find and organize your documents, it might be beneficial to request a tax filing extension. An extension will help you avoid penalties for late filing, which is 5% per month on any taxes due, plus a late filing penalty of half a percent per month.

In addition to helping you file an extension, tax specialists are also able to help you with any special tax rules that may apply. For example, deadlines may be different for those people who live outside of the U.S., are outside the U.S. when the extension is up or for those who are serving in a combat zone.

Triangle Tax Services in Woodhaven can help you with your tax extension and all of your tax needs.

Back to Tax Talk

© 2013 Triangle Tax Services . All Rights Reserved
Connectica SEO & Web Design

8651 Woodhaven Blvd
Woodhaven, NY 11421
P 718-848-2074
F 718-228-6015