Filing Extensions and Minimizing Penalties – Did You Know?
Taxpayers who request an extension to file their 2022 federal income tax returns may file anytime up until October 16th, 2023. Remember, however, that an IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the April 18th payment deadline may be subject to late penalties and interest charges.
Electronic payments may be made using the IRS online payment portal. The IRS urges those who cannot pay what they owe at this time to pay whatever amount they can, and then apply for an installment plan to pay off the remaining balance.
If you are required to file, you should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty.
Greber Tax Advisors does not warrant the accuracy of the information contained herein, nor is it responsible for any errors or omissions and assumes no liability for its use. The information provided is not intended to be construed as a substitute for obtaining proper expert advice from recognized professionals in their related fields. Links to third-party websites are provided as a courtesy. The materials on third-party sites are provided “as is” and without warranties of any kind either express or implied. Greber Tax Advisors exercises no control over the views, accuracy, copyright or trademark compliance or the legality of the material contained on third party sites and does not sponsor, endorse or approve the information, content, products, materials, opinions or services contained on such external sites. The visitor proceeds to these external sites at their own risk. Greber Tax Advisors disclaims any and all liability from damages which may result from the accessing this website, or that of a third party site which is linked to the Greber Tax Advisors website, or from reliance upon any and all information contained therein.