If tax deadline came and went and you still haven’t talked with the tax experts at E&Y Agency Inc., about filing your personal or small business taxes, don’t panic. Just call. While it is our recommendation that you do your very best to meet the tax deadline, we understand that life happens. However, it is important to know that if you owe taxes, you are currently racking up interest charges.
If you don’t have your paperwork sorted, but think you may owe once your taxes are complete, consider making a payment now to avoid unnecessary interest charges. Even a little can help you keep some money in your own pocket .
Our team can help you get back on track in as little as a day. We provide quality, professional tax returns while you wait. It really couldn’t be easier!
If You Filed for a Tax Extension
There are certain circumstances, where we support a request for an extension, including, missing key information; extended travel; or an unexpected personal life event. If you filed for an extension, remember:
- An extension to file is not an extension to pay. If you owe taxes, they are still due by the filing deadline and if you fail to pay, you will incur penalties and interest.
- We recommend making your expected payment as close to the tax deadline as possible. Even if it isn’t the full amount, you will only pay interest on the amount outstanding.
- The penalty and interest charges can add up quickly. Remember that you can pay up to 25% of the unpaid taxes in penalties.
- Your request for an extension may be rejected. While uncommon, if you have errors on your form or have information that doesn’t match IRS files, your request may be rejected. You will be given time to make any necessary corrections to your request – usually five business days.
If you don’t have the money to pay now, let us help you talk with the IRS about a short payment extension of 60-120 days (which may still have interest but at a reduced rate) or negotiate an instalment agreement where you pay every month until the amount owing is zero.
The bottom line… it never hurts to look for solutions to help alleviate the financial burden at tax time. The worst that can happen is that your request is denied. The best-case scenario is that you have some breathing room and options. Our E&Y Tax Team can be your best friends throughout the process. Their expertise is exactly what you need to navigate the intricacies of your tax responsibilities.
About E&Y Agency
E&Y Insurance and Tax Agents are dedicated to giving our clients the products that provide quality protection and value pricing and the peace-of-mind in times of crisis. Our goal is to establish a successful partnership with our clients, our staff members, and our partner companies. Our success is measured by our clients choosing us because they believe in our ability to meet or exceed their expectations of price, service, and expertise. Call us now to talk about your insurance or tax needs!
