When filing a request for an extension to the tax filing deadline, please keep in mind your obligations as a taxpayer to make an estimated tax payment based on your actual financial records and expected liability.

Filing an extension request is just that, a request to extend the deadline for “filing” the return.  It is not a request to delay making a payment.

Failure to make an appropriate payment could result in penalties and interest once you file your tax return.  Work with your tax professional to make sure you have a clear understanding of the impact of filing an extension for your business or personal tax return, and your obligations to make an estimated payment for the tax year liabilities.

Insight: Determining the appropriate estimated amount to pay when filing for an extension is critical to avoid unnecessary penalties or interest that you would otherwise not be liable for.  Leverage the expertise of your tax professional for guidance on the appropriate estimated tax to pay on or before April 15, 2024.

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