You May Still Have To Write A Check In April: Things To Know Before Filing For A Tax Extension

< >You may still have to write a check in April. You’ll still need to have a good estimate of what you owe and send some or all of that amount to the IRS with your extension request.

tax formAs of 2016 first quarter, the interest rate is 3percentage, compounded daily, meaning an obvadjobvadj15 or so by October.

Start figuring, youl still need to have a good estimate of what you owe. Normally, the IRS shows a little mercy. You’re usually off the hook for this one if you’ve paid at least 90percentage of your actual tax liability by the April deadline, Dauber says. You’ll need to attach a written statement to your return, the IRS also might not assess the penalty if you can give a reasonable explanation for not paying on time.

you’ll pay either or what you still owe, whichever figure is smaller, if your return is more than 60 days late. On top of this, that’s on top of what you still owe in taxes. Againmoreover, you might not owe the penalty if you have a reasonable explanation for filing late, you’ll need to attach a written explanation to your return. < >You might be able to skip the extension request, Therefore if you qualify. Citizens or residents who are out of the country for worktypically can get an automatic two month extension without having to ask for it, and people affected by certain natural disasters can automatically get more time, as well. Deployed military members can get much more time, depending on where they’re stationed and whether they’re in a combat zone, Sheldon says.

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