July 6, 2020
As we approach the July 15 tax deadline in these unprecedented times, New Jersey tax accountants are making sure their clients file their returns in time to avoid penalties.
If you don’t have the help of a tax professional already, it is highly recommended that you reach out to one. They have plenty of experience dealing with this exact situation, and you definitely won’t be their only client facing these struggles at this time of year. A tax professional will likely also have experience dealing with the IRS, so they can help you negotiate a late or partial payment to avoid the harshest penalties.
If you know for a fact that you can’t file your returns in time, it is also possible to request an extension to avoid late fees. You can request the extension through your tax professional, the IRS or a tax preparation software company. Once the extension is granted, which will happen automatically after the request, you will have until October 15 to file your returns from 2019. However, this extension does not apply to taxes you already owe from a previous period. These will need to be filed by July 15 in order to avoid hefty penalties.
Finally, consider whether not filing any return is really the best option. If you are missing certain figures or cannot afford the entire amount you owe on your return, it is best to file the return as is and then file an amended return when you are able to obtain the funds. The deadline to file an amended return is generally three years after the deadline for the original. Filing what you can by the original deadline is probably your best option, so the penalties will not be as harsh and you have less to worry about later.
The tax professionals at Frank W. Kapitza & Associates have many years of experience helping clients with tax filings and related concerns. If you are facing this situation, or have any other questions, please contact us today so we can assist you.