As tax filing season gets underway, stress and anxiety levels are likely to amp up.  One way to take the edge off is by filing for an extension. This important step allows filers additional time to complete their income tax returns. Simplified Tax in Sparta, WI, is the area's trusted resource for assisting clients with all of their unique filing scenarios, including a much-needed extension.

For starters, one can get six months of additional filing time if they submit IRS Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The form must be signed and submitted before the April 15 federal income tax deadline. In most cases, filers can extend their filing time to October 15 of the same year.

The extra time provides some relief because it allows taxpayers to get the information needed to file their returns. If the extension request is approved, the IRS will typically waive any late filing penalties. Tax preparation agents strongly encourage their clients to submit Form 4868 to the IRS, even if they end up meeting the April 15 deadline. If the form is not submitted, the IRS will charge late fees from the date the return was supposed to be filed.

There is one important caveat about filing an extension. While the agency may grant the request, the taxpayer is still required to pay any income taxes due. A tax return preparation agent can help estimate how much taxes are owed, if any. Those who've requested an extension should submit the payments until the estimated balance is paid off or before October 15. If taxes are owed and aren't paid, the IRS can add on interest, late fees, and other penalties.

If you have a complex financial situation and anticipate you may need more time to file your returns, an extension can serve as a temporary lifeline. Let the team of tax return specialists at Simplified Tax help you navigate through the upcoming filing season. To schedule an appointment, call (608) 269-2633 today. Visit the website for extensive information on services designed for your unique individual or business tax situation.