Columbia Accountant Shares Tax Tips Ahead of April 15 Deadline
COLUMBIA - Tax day is April 15 and if you are still working on filing personal income or partnership business taxes, experts say it may be a good idea to file for an extension.
Aric Schreiner is a managing member of the Columbia CPA Group, LLC and he said the process to file an extension is fairly simple.
There are several ways to file. He said everything can be done online on the Internal Revenue Service website or it can be done by printing off Form 4868 from the Internal Revenue Service website and mailing it in.
People who file for an extension on personal income tax returns have six months to then file their taxes. Partnership tax returns also due on April 15 only have a five month period, which is also when the corporate extensions expire.
One of the most common misconceptions Schreiner said he hears is people thinking they have an extension on the amount of time they have to pay if they owe money.
"We're not so lucky and you're thinking well if I don't have my taxes done yet, how do I know how much I owe? The IRS doesn't care, they want to get paid now," Schreiner said. "Guess, aim high and pay it, and when you do get your taxes finished then they will send you back the difference."
Schreiner said for those who only need to file income taxes he is aware of many free online tools and websites to walk people through the steps.
For a link for an application for automatic extension of time to file individual income tax return, click here.