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Tax Extensions:

Your Questions Answered

Can’t File by April 18, 2023? No problem…maybe.

For more than 50 years, Schell & Hogan, LLP has been providing quality, personalized financial guidance for individuals and businesses. Our expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements, and financial planning.

Like most public accounting firms, we are in our busiest season of the year when the American workforce and business owners file their annual taxes.

  • Taxes must be filed by April 18, 2023 unless you file an extension.
Individual Tax Returns

By extending the deadline, taxpayers have more time to gather all necessary tax documents and information, or in case you cannot file your taxes on time for other reasons.

To extend individual income tax returns, submit Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by the filing deadline of April 18 this year. This extends the deadline to file the tax return by six months, until October 15. Form 4868 can be filed electronically or by mail and many states accept the federal extension request.

It is important to note that while an extension gives taxpayers more time to file their tax return, it does not extend the deadline for paying any taxes owed. Taxpayers should make an estimated payment of their taxes owed by the original filing deadline (April 18) to avoid interest and penalty charges. The IRS will calculate these charges based on the amount of taxes owed, the filing date, and the payment date.

Business Tax Returns

It is a good idea to seek the advice of a tax professional. If you own a business, consider the bookkeeping, accounting and tax services of Schell & Hogan, LLP to create a streamlined process for your firm.

The form of business you operate determines what taxes you must pay, and how and when you pay them. All businesses must file an annual tax return. The form you use depends on how your business is organized (sole proprietorship, partnership, limited liability company, and corporation).

Schell & Hogan, LLP’s team of experienced CPAs are ready to guide you through all your tax planning and tax preparation decisions, no matter how complex they may seem. From our St. Simons Island, GA office, our accountants work directly with clients to develop strategies that reduce tax liabilities and optimize cash flow with an eye always on clients’ financial goals.

When you choose Schell & Hogan’s personal accounting services, our expertise and experience is at your disposal. We’ll employ detailed research and sound analysis to optimize financial opportunities available through ever-changing tax law. Learn more and click here to schedule an appointment.

Schell & Hogan, LLP works with individuals and businesses throughout Southeast Georgia and North Florida. Our 56 years in business and collective expertise ranges from tax management and accounting services to more in-depth services, such as audits, financial statements, and financial planning.