41Today: Tax tips with Bennett Financial
MACON, Georgia (WMGT/41NBC) – The tax deadline is approaching, and Will Bennett from Bennett Financial offers the following tax tips:
- You need to file an extension request with the Internal Revenue Service no later than Monday, April 15th. Otherwise you will be penalized 5 percent of the tax you owe for each month you file late up to a maximum of 25 percent.
- Once filed, you have a six month extension that will give you until October 15th to file your tax return. This is not an extension to pay your taxes, but an extension to get all your paperwork together.
- Taxpayers will need to complete a form 4868 which will grant you an automatic six month extension time to file your tax return. You can print the form from the IRS website and submit it on paper through the mail.
- If you cannot pay the full amount of taxes you owe, you should still file your return by the deadline. You should pay as much as you can to cut down on the penalties and interest.
- The IRS has payment plans available. If you are filing on your own you can contact the IRS directly to set up an installment payment plan or have your tax professional work on your behalf to set up a plan with the IRS on your behalf.
- Generally the IRS will grant you up to 120 days to pay your balance without setting up a formal installment agreement.