Filing an income tax extension can be a huge relief for many taxpayers. It gives you more time to gather your paperwork and file your return correctly. However, it’s important to remember that you still have to do something with that extension!
This blog post will discuss what you need to do once you’ve filed an extension. We’ll also provide some tips on making the process as smooth as possible. Let’s get started!
4 Steps To Do After Filing Tax Extension
Review Documents
After filing a tax extension, the first thing you need to do is make sure that you have all of your documentation in order. It includes your W-‐‑‐‑forms, your Tax Return Transcript, and any other relevant paperwork. Once you have everything gathered, you can begin filling out your return.
If You Owe Taxes
If you think you might owe taxes, it’s essential to estimate how much you’ll owe. This way, you can avoid any penalties or interest that might accrue. To estimate your tax liability, you can use the Taxpayer Advocate Service Tax Calculator or the IRS Tax Estimator. Once you have an idea of how much you’ll owe, you can make a plan to pay your taxes.
Check Tax Extension Status
Once you’ve filed your extension, it’s important to check the status to ensure it was processed correctly. You can do this by logging into your Taxpayer Advocate Service account or calling the IRS.
If Your Tax Return Is Rejected
If you try to file your tax return and it’s rejected, don’t panic! This is actually fairly common. The most likely reason for rejection is that you didn’t attach the proper documentation. To fix this, resubmit your return with the correct paperwork attached.
If you’re one of the millions who filed for a tax extension this year, congratulations! You’ve already taken the first step towards meeting the October deadline. Now that you have some extra time, it’s important to use it wisely and follow these four steps to prepare for tax day. At CheckM8 Tax, we want to ensure your experience is as smooth and stress-free as possible, so visit our website for more information about our tax and financial services. We can help you file your return on time and get your refund processed quickly – so don’t wait any longer! Start taking steps now to ensure a successful tax season. Thanks for reading!