Hi All,
I hate to say it but you only have 12 days from today April 3, 2014 to file your 2013 Income tax returns, IF you use a tax professional, please contact him/her in order to file for an Extension. An Extension will only Save you the late filing fee, this fee would range between 22-25%. I is based on only the taxes that your would owe. As Far as the amount of taxes owed, it does not extend the time to pay. You still will be charged based on the date you paid your taxes if owed plus Interest an Penalties for late payments. paid after April 15th, 2014.
Approximate Interest and penalties start for
1 Late payment Penalty at around 6%
2.Interest is charged at 3% compounded daily, per quarter, and the penalty goes by the day it is paid. So if you wait until May 1, you would have to pay interest for 15 days, plus around 2% compounded I cannot give you exactly how It is figured.
Also Check with your State, Some states require that an Extension be filled out and mailed but most accept your Federal Extension as a State Extension.
So If you have any Questions, Please do not hesitate if contact me.
Franklin Katz, ATP,PA, PB
Frank's Ta & Business Service
315 E. King St.Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Kings Mountain, NC Accounting Firm | Home Page | Frank's Tax & Business Services
IRS Circular 230 Notice: Unless expressly statedotherwise in this
transmission, any tax advice contained herein, forwarded with or attached to
this message was not and is not intended to be used, nor may it be relied
upon or used, by any taxpayer for the purpose of (1) the avoidance of any
tax-related penalties under the Internal Revenue Code or applicable state or
local tax law provisions, or (2) promoting, marketing or recommending to
another party any tax transaction or tax-related matters that may be
addressed herein.
I hate to say it but you only have 12 days from today April 3, 2014 to file your 2013 Income tax returns, IF you use a tax professional, please contact him/her in order to file for an Extension. An Extension will only Save you the late filing fee, this fee would range between 22-25%. I is based on only the taxes that your would owe. As Far as the amount of taxes owed, it does not extend the time to pay. You still will be charged based on the date you paid your taxes if owed plus Interest an Penalties for late payments. paid after April 15th, 2014.
Approximate Interest and penalties start for
1 Late payment Penalty at around 6%
2.Interest is charged at 3% compounded daily, per quarter, and the penalty goes by the day it is paid. So if you wait until May 1, you would have to pay interest for 15 days, plus around 2% compounded I cannot give you exactly how It is figured.
Also Check with your State, Some states require that an Extension be filled out and mailed but most accept your Federal Extension as a State Extension.
So If you have any Questions, Please do not hesitate if contact me.
Franklin Katz, ATP,PA, PB
Frank's Ta & Business Service
315 E. King St.Kings Mountain, NC28086
Local # 704-739-4039 Toll Free# 877-857-1040
E-Mail: [email protected])
Web: Kings Mountain, NC Accounting Firm | Home Page | Frank's Tax & Business Services
IRS Circular 230 Notice: Unless expressly statedotherwise in this
transmission, any tax advice contained herein, forwarded with or attached to
this message was not and is not intended to be used, nor may it be relied
upon or used, by any taxpayer for the purpose of (1) the avoidance of any
tax-related penalties under the Internal Revenue Code or applicable state or
local tax law provisions, or (2) promoting, marketing or recommending to
another party any tax transaction or tax-related matters that may be
addressed herein.
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