Tax Day is almost here and for those individuals who do not have their documents that are needed to file an income tax return can apply for an extension.

Certified Public Accountant with Hankel and Associates Tom Kennedy reminds everyone that both federal and state income taxes must be filed and paid for by April 15th. However, he points out that people can file for an extension, but he emphasizes it is only an extension of time and not for the taxes that are owed. Kennedy recommends to estimate how much money an individual who is considering an extension will need to pay for income taxes, because that amount will still need to be paid by April 15th.

“But the important thing is to file the extension no matter what, even if you can’t make the payment because there’s a failure to file penalties that will come into play, and that’s a really steep penalty, so you don’t want to trigger them. So even if you need an extension that’s still better to file that extension and not just file late.”  

The six month extension gives someone until October 15th to file their income tax returns.