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Ask an Accountant: File an Extension

by Dana Zeliff on March 28, 20112011-03-28
in Worth Reading

Disclosure: This post may contain an affiliate link.

Thanks to Mom on Dealz for sharing her new series, Ask an Accountant!  Sharon is married to an experienced accountant, so if you’re looking for a professional to help out with taxes this year, give him a call.

Question:
I am way behind and know I will not have my stuff ready in time to file by the 15th. What should I do?

Answer:

You will need to file an extension with the IRS. This is an automatic 6 month extension that is valid until October 15th. Keep in mind this will only be an extension for time to file, not time to pay. What you will need to do to avoid underpayment penalty (under paying your taxes) is pay 90% of your previous year tax liability (in this case 2009). For example if your total tax liability for 2009 was $10,000-90% of that would be $9,000. That’s what you would have to pay in. However your withholding is included in that. So if you had $8,000 withheld that same year, you would need to pay in $1,000 to make it to the $9,000 of your liability.

*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation
.

photo credit: austinpost.org

Filed Under: Worth Reading Tagged With: Ask an Accountant

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Hi! I'm Dana, the writer behind the scenes of The Coupon Challenge, a Hampton Roads, VA based coupon blog. I'm a wife and mother of 2. After getting out of debt we started using our savings to travel together as a family and create memories.

Are you looking for ways to save your family money? I strive to help you save on the products you need, so you can spend more on the things you want. Read More about Dana & Family

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