The end of tax season for 2014 is April 15, which means there’s some time left for those who are still putting together their taxes. But what many may not be aware of is that there are actually two tax deadlines in the year, but getting the second one requires filing a request. Deadline extensions have to be requested through IRS Form 4868, which adds an additional six months with which to file taxes by. Now the deadline becomes October 15, 2014, but there is a price to pay for delaying.
Many delay filing their taxes because they owe money and don’t have all of it available at once. Requesting an extension does give more time to get the funds together, but it comes at a price. The IRS adds an interest penalty of one half of one percent (0.5) to the amount owed. It is possible to minimize the penalty amount by paying some of the taxes by April 15 and taking care of the balance later.
Are you in the Phoenix, Arizona area and looking for help with your taxes? Contact the Phocus Companies today to set up a consultation.
