I have a question about tax extension payments. When I request extension of tax payments, what should I count as my tax payments?
An extension can allow you more time to file, but it does not allow more time to pay taxes due. You must estimate your taxes and subtract what you have already paid. Tax payments are the payments you’ve already made that include:
- Withholdings from your paychecks
- Estimated payments you made during the year
To figure your balance due or refund:
- Figure your taxes.
- Subtract the tax payments you already made.
When you file an extension using Form 4868, the IRS expects you to pay the taxes you owe at that time.
IRS Form 433-A, Collection Information Statement, is used to determine taxpayer's ability to pay the IRS. Learn more from the tax experts at H&R Block.
If you file a tax return and can't pay your taxes, it can be stressful. Find out exactly what options you might have with help from H&R Block.
Wondering if you can claim a deduction for prepaid property taxes? Read on to review IRS rules for this situation and why tax reform brought this topic to light.
Learn more about Letter 1085, why you received it, and how to handle a substitute for return with help from the tax experts at H&R Block.