Didn’t finish filing your taxes on time? Apply for an Tax Extension

 If you’re like the other 19 million Americans who missed the April tax deadline, then it is time for you to file a tax extension to avoid further stress and penalties. Filing a tax extension doesn’t have to be a headache. Just grab yourself a Form 4868 and get that sucker submitted by the regular due date (usually April 15). Boom! You’ve got an extra six months to file your tax return. But hold up, you still gotta pay any taxes due by the original deadline, or you’re gonna rack up some nasty penalties and interest.Pitfalls to watch out for:

• Don’t be a late payer. Penalties and interest will come knockin’ if you don’t pay your taxes by the OG due date.
• The extension is only for your federal return, so double-check your state’s rules and file a separate extension if needed.

Now, let’s chat about K-1s

You’ll get one if you’re a partner in a partnership, shareholder in an S corporation, or a beneficiary of some trusts and estates. You need to include that K-1 info in your individual tax return. If you’re still waiting for your K-1s by the tax filing deadline, file an extension to avoid penalties for an incomplete return. That way, Uncle Sam won’t be breathing down your neck. So, this year – or any year for that matter – don’t wait to file that tax extension. Do it sooner than later so you can alleviate stress and avoid penalties.  Creating an optimal tax planning strategy that works for you depends on a number of factors as well as your personal or business goals.

This article is brought to you by the wizard behind the scenes with 23 years of experience, Dan Dillard. Of course with his workshop of helpers including some handy hi-tech sourcing.

If you’re finding it challenging to stay on top of all the changes, connect with our financial planning professionals by scheduling a no-obligation call. At NEST Financial, we can help make crypto not quite so cryptic.

Find us on:

LinkedIn  Facebook  Yelp  Twitter

If you like reading more entrepreneurial stories In Austin check out Dan's other company foundingAustin. If you are into podcasts click here.

DISCLAIMER: We are legally obligated to remind you that the information and opinions shared in this article are for educational purposes only. These are not financial planning or investment advice. For guidance about your unique goals, drop us a line at info@nestfinancial.net