Atlanta tax attorneys and the best IRS tax relief firms in Georgia are reminding clients that if they filed an IRS Form 4868 for a tax extension last spring, the deadline to file a return is coming soon. The extension deadline is normally on October 15th, but because the 15th falls on a Saturday in 2011, this year’s deadline is Monday, October 17th.
Filing a tax extension Form 4868 by the April tax deadline (usually the 15th) allows a taxpayer or an Atlanta tax lawyer more time to gather together the necessary paperwork in order to file an accurate tax return. It does not give more time to pay the taxes that are due. Those must be paid in full by the April deadline, even if you have to make an educated guess as to the amount. The good news, as the best Atlanta tax attorneys will tell you, is if you paid at least 90% of what was due on time in April, the remaining money you owe will not be assessed a late penalty. If your newly completed return indicates that you overpaid, you will receive a refund. Interest accrues on any balance due as of April 15th. If you underpaid by more than 10%, you will be assessed penalties on the unpaid taxes.
If you have any questions about the approaching tax extension deadline and what it means for you, or need help with your unpaid taxes, please call your Atlanta tax lawyer or the staff at The Gartzman Law Firm at 770-939-7710.