Today is the deadline to file your federal taxes. CPA Hardy Foreman with the firm, Carr Riggs and Ingram in Shreveport says 65 percent of his clients file for an extension, but it’s not an extension to pay…
“The Internal Revenue Service still requires you to pay your taxes by the deadline. This year being April 15th. Otherwise you risk being subject to interest and penalties.”
Foreman says since the COVID pandemic there’s been an increase in taxpayers filing for extensions. He says it’s taking longer for business owners to get the proper documentation needed for them to file before the April 15th deadline…
“These business returns are very complex. So if they’re not done in sufficient time, they’re not completed in sufficient time in order for the taxpayer to receive their schedule K1 and file by April 15th.”
Foreman says for those who need to file an extension and do not know the exact amount they owe, referring back to what they paid last year is a good estimate.
“If you pay in a hundred and ten percent of your prior year tax amount, you’re not going to be subject to underpayment penalties.”
Foreman says the IRS offers multiple payment options for those unable to pay their tax bill in full.
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