This year brought many tax changes that caused delays with processing taxes. Each tax code change has to be approved by the legislative and with so many tax credits on the cutting board the future of tax preparation was not clear. The delay also caused late receipt of required documents and forms needed for filing. Many taxpayers found it necessary to file an extension and wait for tax preparation. The extension due date is upon us! The extension ends six months after the first due date of current tax year. October 15, 2013 is your extension deadline.
Filing an extension will provide you with 6 additional months to complete your taxes. BUT, did you know that if you owe; that money is still due on April 15th. Even if you file late that does not extend the payment. The filing extensions will waive the late filing penalties. If you pay late you will still receive penalties and interest for the late payment. You may be thinking to yourself…if I have not prepared my taxes I would not know the payment amount due, if any. You don’t know for sure. You will have to estimate.
Currently, B&P Accounting Solutions, Corp is filing all late tax returns. You still have time to process your taxes and receive your credits for tax year 2012. It is not too late to file your taxes! You can submit your tax documents for tax processing to make sure you meet your deadline! Our tax preparer is waiting to help!
If this year you are making a late payment, next year B&P Accounting Solutions, Corp. can work with you earlier in the year to file extensions and estimate taxes due to keep you from incurring penalties and interest.