Posted On April 30, 2013

Tax extension available to stave off IRS

Even though tax time happens every year, sometimes it’s possible for even the best of us to fall behind. Thankfully, there are several ways Nevada residents can keep the IRS from knocking at their door if an extension is required. Filing an extension is easier than you think.

There are many reasons why an extension might be required. For some taxpayers, their stated income may come from multiple sources, requiring additional paperwork that may rely upon secondary or tertiary organizations to file beforehand. Other residents may require additional paperwork as a trust, beneficiary or shareholder. Others may simply have received their filing paperwork late.

In order to file for an extension, you will require the names, addresses and social security numbers of all pertinent parties, an estimate of your total tax liability for the fiscal year, the exact amount you paid in 2012 including any withholding and how much you intend to pay along with your extension if applicable. It is important to note that such an extension is strictly for filing purposes: it is not an extension on the date your payments are due. Should you find yourself owing money, it will be necessary for you to include a payment with your extension request.

Tax time can be extremely stressful, as Nevada residents are well aware. The IRS can seem like a daunting entity waiting for an opportunity to audit you, but of course this is not the case. With the proper support and knowledge, preparing your taxes can be a far less demanding task, and should extra time be needed, there are options available to give you that time.

Source: Forbes, “Not Ready To File Your Taxes? Extension Form, Details Available,” Kelly Phillips Erb, April 14, 2013