April 15th has passed, and if you haven’t filed your income tax return, you probably requested an extension. Allowing you to postpone payment until October, tax extensions ensure you don’t have to pay any fees or penalties due to late filing. If your extension was accepted and you’re gearing up to file your taxes, here is everything you should know about the process to ensure it goes smoothly.

What Is a Tax Extension?

A tax return extension is a 6-month extension beyond the April 15th national due date. You can file one for any reason, though have to do so by the due date to avoid fines for filing late. Keep in mind that this is only an extension on the time to file, not the time to pay. You’ll need to work with a tax preparation professional and the IRS if you can’t pay on time.

Who Might Need One?

If you haven’t received all of your W2, 1099, and other financial forms, or have lost them, you can’t accurately file your tax return and may require an extension. Life events, such as a death in the family, divorce, or illness, may also impact your ability to file on time. Many U.S. military personnel serving overseas are also granted an automatic 2-month tax extension, but can request the 6-month extension if necessary.

If you’re in one of these situations, or facing financial hardship that you anticipate clearing in the coming months, you might have requested an extension.

When Will I Receive My Refund?

If you requested an extension, you still qualify for a tax refund. You’ll receive this once you’ve filed. On average, the IRS takes 6-8 weeks to process refunds and then mail them out, so instead of waiting for your extended deadline, file as soon as you can.

If you need help preparing your tax return, turn to Engelson & Associates, Ltd in the area of Holmen, WI. Their CPAs can manage all aspects of your finances, including helping with bookkeeping, tax preparation, company payroll, QuickBooks™, and other financial advising to ensure you’re always following laws and regulations and saving money on your return. Visit their website to explore their services, then call (608) 526-3437 to discuss your needs.