Essential Tax Solutions

Tax extension-Why You Need One Or More Than One

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Tax preparation consumes a huge time and could test our patience. Sometimes when we thought we got all the requirements ready for filing, we end up being stressed about missing forms, letters, or receipts. The reason why many of us resort to browsing for tax preparation Louisiana for help. But did you know that you can request an extension? This article will help you understand why you need one and how would it be possible! Read till the end for your advantage. 

2023 Tax Season - Tax Preparation

It’s An Opportunity!

Tax preparation is synonymous with stress season. Whenever April 15 comes we all rush to submit. However, some of us fail to comply with the deadline for tax day due to different reasons. But we cannot deny the fact that procrastination is a common reason for taxpayers. Good thing there’s an opportunity to comply even when you’re late. Thanks to the six-month extension period given by the Internal Revenue Service. However, this is not automatically granted to us for it has to be requested. Here’s what you need to know if you wish to request an extension.

  •         The form that you’ll be filling out to request for extension is in an e-file format.
  •         It’s free and can be downloaded on the website of the Internal Revenue Service.
  •         Make sure that you have an IRS online account to get access to the free file.
  •         An extension in filing doesn’t mean an extension in payment. This is a common misconception among other taxpayers. Regarding this matter, you need to check your record to get an estimate of the total amount that you need to pay for your tax.
  •         A penalty is on your way if you failed to pay prior to the deadline.
  •         You can file for an extension, but make sure that you can send your request before the tax day and pay for the income tax.
  •         As for the payment method, you can use your credit card, or pay thru Direct Pay, and Electronic Federal Tax Payment System.
  •         Rules could be different if you’re living outside the US. As we are aware, US citizens are obliged to pay income tax even if they are residing in a different country. For this situation, the request for a tax extension is extended. This also applies to those citizens who are serving, living, or posted in combat zones. 

Better Tax Opportunities with Essential Tax Solutions

One of the qualities to search for in a tax preparation services Louisiana is excellence in tax processing. Only a tax professional can give you better opportunities when it comes to tax. Just like the company Essential Tax Solutions, opportunities are unlimited. Whether you’re into hassle-free tax preparation, getting a maximum amount of refund, or tax strategies, they got your back!  Big or small businesses, they assist well in different areas of tax. They understand its complexity and help you get the advantages you haven’t discovered yet. You can start filing with them online or walk-in personally in any of their three offices in St. Bernard, Violet, and LaPlace. For inquiries, you can talk to their polite representatives via hotline number (877) TAX-3388 or send an email at essential-taxsolutions.com. Here are some facts about this Louisiana tax preparation company:

Assurity Tax was its former name.

They have acquired a 5-star rating for their expertise in tax processing.

Tiffany Carter is the owner of this tax preparation agency.

What makes it unique is the fact that it doesn’t need public accountants or CPAs. They have the best team and expertise that you can depend on for tax refunds, filing, and more!

Their main office is located at 2104 St. Bernard Ave, New Orleans, LA 70119.

Clients trust them because they don’t charge surprise fees but rather let you know how much you need to pay before you do business with them.

Be it in W2 tax preparation, 1099 tax preparation, Self employed tax preparation, or other requirements, you can be sure you’ll get it on time and safe because of their secured data transmission. 

To Avoid Penalties!

Did you know that you’ll pay for penalty if failed to request for extension? As we’ve mentioned, tax extension may be an opportunity but it is not given automatically. Failure to request will cause you to pay 5% to 25% of the penalty. If you filed late without a request, you’ll pay 5% for every tax due per month. The worst is 25% per tax if you’re overdue. So your best option is to file for an extension using Form 4868. Here’s what you need to know about this form.

  • This form is will help you get a six-month extension whatever your reason for your late filing.
  • It has to be submitted before April 15 and once approved, you have the chance to file for a federal income tax return on October 15.
  • You will be required to fill in the information like your name, address, estimated total tax liability, due balance, the amount that you’ll be paying for the tax extension, social security number, other payments, and information about yourself.
  • Before filing, you need to pay your due taxes.
  • For easy payment, you can choose electronic payment.
  • This form can be submitted electronically via a free program file. Different companies are offering this service but make sure it’s legitimate and uses secured data transmission before sending your form.

Helps You Decide Well!

Tax preparation is time-consuming and pressuring. And mind you, if you’re not able to complete the requirements and file for an extension, you’ll be able to decide well. So still, it’s a win-win situation. Why? Because you’ll have more time to consult a tax professional, see the deductions, and credits.

Avoid Mistakes!

Mistakes or errors are inescapable when you’re rushing to complete the requirements in filing for a federal income tax return. There is information that can be overlooked. Mistakes like errors in figures in social security numbers, addresses, names, and tax records will cause more delay and hassle to you. But with the six-month extension, you’ll be able to scan the documents well and avoid costly mistakes. 

Saves You Money!

Since your tax preparation time is extended, you can avail of promos from tax preparation agencies. Tax seasons make them busy preparing for clients. This means the demand is high so is the pricing. Some agencies could charge a higher rate especially if you’re in a rush. But with the change in time, you can avail of a less expensive service. 

What to Look For In a Tax Professional Partner

It is essential to have someone you can rely on when it comes to tax preparation. To ensure that you have the right partner and guidance along the way, here are some of the qualities that you need to look for.

Check for their PTIN or Preparer Tax Identification Number.

Look for the credentials like license, degree, or study.

Another way of checking the legitimacy of the preparer is by searching on directory of the Internal Revenue Service.

Find a partner with high-trust ratings or recommendations.

Issues e-file for tax preparation

Can answer complex questions in audits, credits, payments, and other issues in tax.

Conclusion

Some of us believe in the saying “it’s better late than never”. And we have proven that not all the late we commit are but could rather give us a better opportunity. We hope that you learned the essence of filing for a tax extension! These tips will guide you in better and errorless tax preparation. 

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