During this time of year, many folks request us to file extensions for them. Many of them are under the mistaken impression that filing the extension also extends the time to pay the taxes due. This is not the case; the extension of time to file your taxes is simply an extension of time to file the form, not to pay the tax. In order for a valid extension to be filed, the taxes due, if any, must accompany the request for an extension. If taxes are due after the extension is filed then penalties and interest may be calculated from the original date of the return. That is why it is important to make a payment with the extension if you think you may owe.
Please feel free to contact the office if you have any questions.
Written by: Doug Rodrigues