CPA Dave Young of Young and Company discussed some tips about tax filing extensions Monday on News 8 at Sunrise.
Many people will missing filing their tax return by the Monday, April 18 deadline. Young said in that situation you should do two things – file for federal and state extensions with Form 4868 and Form IT-370. You can use your software to file an extension, or ask your tax preparer to file one for you.
Young said it is important to note an extension to file your tax return is NOT an extension to pay whatever you may owe the government, both federal and state. If you do not pay what you owe on time, you will face a monetary penalty. Young said you can work out a payment plan by visiting the IRS website, click here.
For more information about Young and Company, click here.
For more information from the New York State Society of CPAs, click here.