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.
Important
- Contrary to popular misinformation, filing an extension will not increase the likelihood of an audit.
- You are still responsible for submitting any payments owed to the IRS and your state's tax agency 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.
- Please submit your extension request by March 3, 2025.
What is a tax extension?
A tax extension is a formal request to the IRS and/or your state's tax agency for additional time to file your tax return, Form 7004. While we encourage you to complete the tax preparation steps 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 penalties from the IRS or your state's agency. The extension filing deadline with Heard is March 3rd.
What do I need to file an extension?
- Your personal and business identifying information.
- Your filing status and, if applicable, your spouse's information.
- Your estimated income and quarterly estimated tax payments.
- Prior year tax return.
- Official government approved ID
How can I file for an extension?
To submit an extension, go to Taxes> Annual and answer a series of questions. Once you've submitted the request, you will be able to connect to your Tax Preparer to file the extension.
How much does a tax extension cost?
There are no additional fees associated with filing an extension. However, you are required to submit any payments owed to the IRS and state by the tax filing due date. The extension survey will calculate how much you should pay based on your tax liability, but if you underpay, you can still be subjected to penalties and interest for underpayment and late fees.
What happens if I don't complete the extension request by March 3rd?
If you do not submit your extension request by March 3rd, Heard won't be able to help you file an extension, and you may be at a greater risk of additional penalties and interest.
After you've filed an extension
You may need to complete your state or local franchise tax. Once your extension has been filed, your filing deadline is September 15th. Heard will continue to request your necessary tax documents in order to file your return.
What about personal taxes?
As a precaution, Heard will file an extension for your personal taxes, Form 1040, along with your S Corp tax return, Form 1120-S. You may be required to submit payment for your personal taxes with the extension request by April 15th.