If you filed an IRS Form 4868 for a tax extension deadline due on October 15th of this year, be aware it is coming up fast, and you will need to pay on time if you want to keep from getting hit with extra fees and penalties. While the taxes were still due on the extended due date of May 17th of this year, it did give you some breathing room to postpone filing your actual tax return.
It means you now need to file your tax return by October 15th. If for some reason, you did not file an IRS Form 4868 back in May and also did not file your tax return, the IRS will have you flagged as being late on your taxes. Unless you are in the military or have been affected by a disaster, you will likely owe the following:
-Interest owed on the tax bill
-Additional failure-to-file penalties
-Additional failure-to-pay penalties
There are a variety of ways you can pay the IRS as you whittle down your bill.
-Go to https://www.irs.gov/payments/direct-pay, confirm your identity and banking information, then authorize an ACH debit from your bank account.
-Go to https://www.irs.gov/payments/direct-pay and enter your identity and bank information. After a week, you will receive a PIN via post mail, so you can set up a password and authorize an ACH transaction from your bank account online.
-Go to https://www.irs.gov/payments/same-day-wire-federal-tax-payments to send the IRS a same-day wire transfer using your bank or another financial provider.
-Go to https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card to use a debit card on one of three IRS independent payment processors who will send the money to the IRS for you.
-Go to https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card to pay via a credit card on one of three IRS independent payment processors (see above).
-Go to the IRS website and make your IRS payment using a check, money order, or cashier’s check.
-Go to https://www.irs.gov/payments/pay-with-cash-at-a-retail-partner to make a cash payment.
-Go to the IRS official mobile app https://www.irs.gov/newsroom/irs2goappand to make your payment.
-Go to https://www.irs.gov/payments/online-payment-agreement-application to fill out an application to make installment payments on a payment plan with the IRS (they have both long-term and short-term options).
Avoid Interest and Penalties
To avoid owing additional interest, be sure to make your payments! And if you need to apply for an extension of your next tax return regarding your 2021 taxes, you will want to go ahead and file the IRS Form 4868 on or before the next year’s tax-filing deadline. It will roll around on April 15th, 2022, and this date will come before you know it! Remember, while the IRS expects you to pay all taxes due, they offer you the option of filing for an extension if needed. So be sure to apply based on your financial needs, so you can make installment payments that can give you much-needed breathing room.
What Corporate Capital Offers You for Tax Assistance
When it comes to tax strategies, Corporate Capital can help you with your business needs. If you have a business incorporated, we can help you achieve maximum asset protection and tax savings. Our tax consulting and preparation is done through a Certified CPA and accredited IRS tax accountant, so your business stays compliant and retains its corporate status.
Using our tax services, you will have access to a Certified Public Accountant, a quarterly review (of your tax liability position, profit, and loss to help you minimize your taxes for the coming year), and a review of your business expenses to make sure you get the maximum tax deduction to owe the legal minimum in tax payments allowing you to save money. Check out our additional tax strategies to help you save:
At Corporate Capital, you can rest assured that we stay current on all IRS tax laws to give you the most accurate and beneficial information you will need regarding your taxes. For more information or to enlist our services, please call our office today at 855-371-0070. We look forward to helping you implement the best tax strategies for your business!