Filing for an extension on a tax return is a common practice that gives you additional time to file and obtain financial records and tax documents. You are still responsible for submitting any payments owed to the IRS by the tax filing due date, but your tax return can be submitted later.
If you're filing as a Sole Proprietor, individual tax return as a Sole Proprietor (Form 1040) and are not tax ready by April 1, 2024, you will need to complete the extension survey in Heard to file an extension. This extends the filing deadline to October 16, 2024. Any payments due with the extension will be sent to you for approval before submission.
What is a tax extension?
A tax extension is a formal request to the IRS and your state's tax agency for additional time to file your tax return. While we encourage you to fill out your Tax Checklist as soon as possible so we can get working on your tax return, an extension is put in place to protect your business and help you avoid any fees or penalties from the IRS or your state. The extension filing deadline is identical to the federal tax filing deadline, April 15th.
How can I file for an extension?
You can file for an extension using the Extension Survey in Heard by going to Taxes then Annual. You will need to complete the Extension Survey and after submission, you will be connected to your Tax Preparer.
- You are still responsible for submitting any payments owed to the IRS by the tax filing due date. Failing to pay on time may result in penalties and interest, specifically the Failure to File Penalty from the IRS.
- Contrary to popular misinformation: filing an extension will not increase your likelihood of an audit.
- If you are an S Corporation you must first file an extension for your 1120-s form.
After you've filed an extension:
Once your extension has been filed your filing deadline is October 15th. Heard will continue to request your necessary tax documents in order to file your return.