If You Filed An Extension On Your 2021 Taxes, Your Tax Day Is Coming Up Fast
April 15th is normally tax day, but that was extended again this year to May 17th. Some people needed more time and could apply for another extension to October 15th.
Well, now that date is coming up fast. If people don't make that extension then there are penalties to pay and in some cases, the government won't send you your return. Some people are waiting for some things to file.
I totally got this from Squire so I don't know what they are but they are filed at the end of September. K-1 from a partnership, S-Corporation, or fiduciary return. Looks like all business stuff.
If you want a double whammy, be late with federal and state taxes, both will assess fines and in some cases keep any money you have due you, plus, interest accrues. So, if you think you will run into any snafus with your taxes, you may want to call ahead.
According to Squire, if you think you will be late because of another party, call the IRS and explain the situation so you can avoid any penalties or the IRS calling you.
Smart Asset says that if you know you are getting a return you don't have to file a federal extension in the first place, I knew I was going to be late and just wanted to cover my bases, so I applied.
Here's something else most people don't know, Smart Asset says that if you are owed a refund you actually have 3 years to send your taxes in. I personally wouldn't recommend that, but it is true. Having said that, it's best to get it done ASAP and file. Procrastinating never helps you.
Bottom line, get your taxes done and send them in.