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Are you worried about filing your taxes on time? Do you need help navigating the complex world of tax deadlines and penalties? Look no further than Hewlett-Packard Tax Service. With our expertise in tax preparation and our commitment to providing exceptional customer service, we can help you meet your tax obligations with ease.

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Can I still file my taxes?

The Federal Emergency Management Agency (FEMA) has declared certain regions in California, Georgia, and Alabama as federally declared disaster areas due to recent storms. If you are a victim of these storms in Georgia or Alabama, you have until October 16, 2023, to file various individual and business tax returns. The majority of California residents have until November 16, 2023, to file their tax returns and make certain tax payments.

Tax Year 2023 Tax Deadline

The federal tax return filing deadline for tax year 2023 is April 15, 202

Why file for an extension?

If you can't file your taxes on time, it is essential to file for an extension. Filing an extension automatically pushes back the tax filing deadline and protects you from possible failure-to-file penalties. Penalties for filing late can mount up at a rate of 5% of the amount of tax due for each month that you're late. Filing for an extension wipes out the penalty file by the extension deadline.

TurboTax Easy Extension is a fast and easy way to file your extension, right from your computer.

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How long is my extension good for?

If you filed an extension by April 15, 2024 (2023 tax year filing deadline), it extends your filing deadline to October 15, 202It is important to note that an extension of time to file your return does not mean an extension of time to pay your taxes. If you expect to owe money, you should estimate the amount due and pay it with your Form 486

What if I didn't ask for an extension?

The consequences differ depending on whether you owe the IRS money or the IRS owes you a refund.

If you are getting a refund

If you have a refund coming from the IRS, there is no penalty for failing to file your tax return by the deadline, even if you don't ask for an extension. However, this might not be the case for state taxes. It is important to file your taxes as soon as possible to get your money back and start the statute of limitations for the IRS to audit your return.

If you have a balance due

If you haven't paid all of the tax you owe by the filing deadline, you'll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid. The maximum late payment penalty is 25% of the amount due. You'll also likely owe interest on whatever amount you didn't pay by the filing deadline.

What if I owe the IRS but can't pay?

If you find yourself in this situation, you have a few options available:

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  • Credit card payments
  • Installment agreements
  • Offer in compromise

You can also simply file your return and wait for the IRS to bill you, but don't be surprised if the bill includes interest and penalties. Typically, the failure-to-pay penalty is less than the failure-to-file penalty, so you likely should file even if you can't pay the tax.

Can I pay my tax by credit card?

Yes, you can pay your tax bill with credit in a variety of ways. Credit card and bank loans are both payment options. Third-party providers like Official Payments Corporation are also available to facilitate using a credit card to pay your tax bill. These companies charge a convenience fee (around 5% of the amount being paid) for their service, in addition to any interest and finance charges your credit card company may charge you.

Can I pay my tax in installments over time?

If you find yourself owing more than you can afford, you should still file a return. Even if you don't enclose a check for the balance due, sending in your return protects you from the late-filing penalty that otherwise would keep digging you deeper into a hole. You can attach a Form 9465 Installment Agreement Request to your tax return asking the IRS to set up a monthly payment plan to pay off what you owe. The IRS has made it easier to qualify for installment plans, especially for amounts owed under $10,000 that can be paid off within three years. You can also apply online for the installment agreement.

Does the IRS ever negotiate the amount owed?

Under certain circumstances, the IRS is authorized to resolve a tax liability by accepting less than full payment. An offer in compromise is an agreement between a taxpayer and the IRS that settles the taxpayer's tax debt. There are three circumstances under which the IRS is authorized to compromise:

  • When there is doubt that the tax is correct.
  • When there is doubt that you could ever pay the tax in full.
  • When the tax is correct and you could pay it, but payment would result in an exceptional circumstance, economic hardship, or be unfair and inequitable.

To file an Offer in Compromise with the IRS, you need to complete Form 656: Offer in Compromise Package. You may also need to complete Form 433-A or Form 433-B, depending on your tax situation. Various options are available for accepted Offers in Compromise requests, such as a reduced total payment and scheduled monthly payments. Defaulting on an accepted offer in compromise can result in the IRS filing suit against you and reinstatement of the original tax debt, plus interest and penalties.

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Can I get an extension of time to pay my tax?

An extension of time for payment of tax can be filed with the IRS on Form 1127: Application for Extension of Time for Payment of Tax. However, the legal requirements are strict. Form 1127 must be received by the IRS on or before the date that the tax is due. You must provide a complete statement of all your assets and liabilities and demonstrate that paying the tax when due would result in undue hardship. When approved, extensions to pay are generally limited to six months, and the IRS requires some acceptable form of security before granting an extension of time to pay.

With Hewlett-Packard Tax Service, you can have peace of mind knowing that your taxes are in capable hands. Whether you need help filing an extension, setting up an installment agreement, or negotiating an offer in compromise, our team of experts is here to guide you every step of the way. Don't let the stress of tax season overwhelm you. Contact Hewlett-Packard Tax Service today and experience the difference of working with a trusted partner.

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