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We are just a few days away from the tax deadline — if you need more time gathering your financial documents, then it’s time to file an extension, and there is a caveat.
The tax deadline, here we are again. It sneaks up on us every year and yet, the date never changes.
If you are still gathering those documents, you may choose to file an extension. Understand that this does not automatically happen. You have to file a Form 4868.
While you can print and mail Form 4868, it’s recommended to e-file. If you are in a position of owing taxes, you still have to pay. Don’t forget to make a payment with your extension if you think you will owe tax. Additionally, your quarter 1 tax payment is also due on April 15th. The biggest key here to understand is that an extension does not give you more time to pay your taxes.
If you put off paying the taxes you owe, you could end up paying penalties and interest. Remember if you file an extension, make sure to file by October 15th.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.