To achieve the most tax savings possible, it’s critical for freelancers and other self-employed people to remain on top of their taxes, including paying quarterly taxes.
Even yet, there are instances when life interferes, and you can end up missing the deadline for submitting your taxes.
You may question whether it’s possible to submit a tax extension application beyond the deadline in certain circumstances.
Yes, in a nutshell, but there are several crucial considerations, such as using a quarterly tax estimator.
Table of Contents
Self-Employment Tax Deadline Fundamentals
Start by going over the fundamentals.
The due date for submitting tax returns in the US is normally April 15th.
It follows that your tax return must be filed and any back taxes must be paid by this date.
On the other hand, you can apply for an extension if you need to submit at a later time.
Application for Automatic Extension
The Application for Automatic Extension of Time to File a U.S. Individual Income Tax Return, IRS Form 4868, must be completed in order to obtain an extension.
This form must be submitted before the tax filing date, either online or by mail.
Remember that a request for a tax filing extension does not include a request for a delay in making any required tax payments.
You must still calculate your tax liability and pay it by the deadline of April 15th to avoid fines and interest.
Self-employed tax extensions and Freelancer tax extensions
Let’s discuss self-employed tax extensions and freelancer tax extensions now that we’ve covered the fundamentals.
When it comes to paying your taxes, being self-employed or working as a freelancer may present some special difficulties.
You could, for instance, need to accurately record several sources of income or spending.
As opposed to a conventional W-2 employee, you could additionally have to deal with more complicated tax regulations.
Being self-employed may allow you to benefit from tax breaks and credits that are not accessible to regular workers.
You must, however, maintain meticulous records of your earnings and company spending in order to achieve this.
Particularly if you’re also attempting to handle your regular company operations, this may be time-consuming and intimidating.
Do not get anxious if you discover that you are having trouble submitting your taxes before the deadline.
You may still ask the IRS for a tax extension if self-employed.
Form 4868 just has to be filled out and submitted before the deadline.
In order to optimize your tax savings, you will have an extra six months to submit your taxes.
Consult with a Tax Expert
It is particularly crucial to estimate your taxes owing precisely if you are a freelancer or self-employed person seeking a tax extension.
Being qualified for a variety of tax deductions and credits while having a variable income throughout the year might make this difficult.
In order to avoid fines and interest from the IRS, it is essential to not underestimate the amount of taxes that are due.
Consider consulting with a tax expert or utilizing a tax preparation software package to make sure that your estimated tax payments are accurate.
By using these tools, you can make sure that you are aware of all the tax breaks and credits for which you qualify as well as get a clear picture of your tax obligations.
Finally, if you work for yourself or as a freelancer and are having trouble completing your taxes on time, don’t stress.
The IRS tax extension request form 4868 is still available.
As a result, you will have an extra six months to submit your taxes and stay out of trouble by doing so.
However, it’s critical to calculate your taxes owing precisely and to get assistance if you need it.
You may be sure to optimize your tax savings and maintain compliance with your financial duties by following these measures.
