The 2023 Individual Tax Extension Guide for Small Business Owners and Self-Employed Individuals

Tax season can often bring a sense of dread, especially if you’re running a small business or working as a self-employed individual. The intricacies of the tax code, combining personal and business expenses, and the sheer volume of paperwork can make April a challenging time of year. Thankfully, filing for a tax extension can provide the extra time needed to ensure everything is in order. Here’s your guide to filing an individual tax extension for the 2023 tax year.

Understanding Tax Extensions

A tax extension grants you additional time to file your tax return, not to pay any taxes you may owe. The standard deadline to file your federal tax return is April 15th. At this time if you not have not submitted all your tax documents or need additional time to gather any documents, we will apply for a tax extension. This allows you time to file up until October 15^th.

How to File for a Tax Extension

Filing for an extension is relatively straightforward. It can grant you peace of mind and reduce the risk of mistakes by rushing to meet the April deadline. Here’s how to secure that extension.

Step 1: Estimate Your Tax Liability

Even if you’re not ready to file your full return, you’ll need to estimate your tax liability for the year. Use your previous year’s return and any financial documents from this year to make an informed estimate of the taxes you may owe.

Step 2: Please let us know if you would like to make a payment with your extension.  

If you estimate you owe taxes, it’s important to pay by the original April 15th deadline to avoid potential penalties and interest charges. You can pay online via IRS Direct Pay, or by check or money order accompanied by Form 4868 if you’re mailing it. We can provide you with a copy of this form.

Step 3: We will automatically file your extension unless you let us know otherwise.

If you have any questions or concerns about your extension, please feel free to reach out to our office.

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