Are you enjoying the sun, walking the dog, or perhaps caught up with other priorities? While life keeps us busy, it’s important not to overlook your impending tax obligations. With the June tax deadline just around the corner, it’s crucial to take action and file your US tax return promptly. To ensure you’re not hit with penalties, requesting an extension might be the solution you need. In this article, we’ll explore the benefits of filing for an extension and provide guidance on how to avoid unnecessary penalties.
The June 15th tax Deadline: Don’t delay, file your US Tax ASAP
The US tax deadline in June is a critical date for US taxpayers who file from overseas. Neglecting to meet this deadline can result in costly penalties and unnecessary stress. Therefore, it’s essential to take immediate action to ensure compliance and avoid potential consequences.
Requesting an extension: your lifeline to avoid penalties
If you find yourself unable to complete your tax return by the June deadline, requesting an extension can provide you with much-needed breathing room. The Internal Revenue Service (IRS) allows taxpayers to request an extension, granting an additional six months to file their returns without incurring penalties.
Benefits of Filing for a US tax return extension
Filing for an extension offers several advantages, including:
- Penalty avoidance: by submitting a timely extension request, you can avoid penalties associated with late filing.
- Extra time for accuracy: rushing through your tax return increases the likelihood of errors. With an extension, you gain additional time to ensure accuracy and maximize deductions.
- Peace of mind: by extending the filing deadline, you can focus on completing your return thoroughly, minimizing stress and the risk of overlooking important details.
How to request an extension
Requesting an extension for your US tax return is a straightforward process. You can either use IRS Form 4868, the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, or file for an extension electronically using IRS-approved tax software. Make sure to submit the extension request before the June tax deadline to qualify for the extension. If you order Expats Overseas to prepare your US tax return before the June 15th deadline, Expats Overseas will request free extensions for you.
Do not forget to file your FBAR
Do you have bank accounts with non-US financial institutions, e.g. banks – insurance companies – pension funds? And do you have a balance of $10,000 at any time during the year when you add up these foreign accounts? Then you need to file FBAR, a report that indicates to the US treasury the amounts in these accounts. Don’t forget these, because, unlike normal US tax returns, the penalties for not filing or incompletely filing and FBAR are exorbitant.
Expats Overseas, a one-stop-shop filing for expats
Filing US taxes for expats can be a complex process. However, with the help of Expats Overseas, you can navigate the nuances of the U.S. tax code and the local tax system. We have a network of expert tax advisors for both your US tax and your local tax who can file your tax return(s)accurately and efficiently.
Prevent double taxation and receive the tax credits you are eligible for. Contact Expats Overseas today to get started.
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