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4 things you need to know if you filed a tax extension

If you filed an extension, you have until October 16 to file your tax return with the IRS.

Here are a few things you need to know:


What is the tax deadline?

The tax deadlines for IRS personal tax returns are October 16. For the state of Louisiana, personal tax returns are actually due November 15, since the returns are originally due May 15th.


Keep in mind, certain business tax returns have different deadlines. It is best to go to IRS.gov to verify your business tax filing deadline.


S-corporations and partnerships are due September 15, if a valid tax extension was filed.


What happens if you file after the deadline?

If you file after the deadline, the IRS may charge penalties for failure to file. Also, if you have a tax balance, you will also incur a failure to pay penalty as well.


Keep in mind, if you expect a tax refund, you will not be charged penalties, since the amount are determined on the taxes that are due.


What if you need to file but do not have your records?

If you do not have your records, you should contact the IRS and request for your wage and income transcript. These transcripts can provide you with a record of amounts received for the year requiring filing, such as wages, interest income, miscellaneous income payments and other deductions.


What should you do if you owe money to the IRS?


If you owe money to the IRS after you file, there are a few things you can do. Consider various payment options, such as an installment agreement. You can consider a time payment agreement, which allows you to pay in a certain payment timeframe. Last but not least, if you owe a significant amount and have little assets, consider an offer and compromise application.


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