TAX DAY: you feel it looming and are beginning to fear you might not be able to gather the documents and records you need to accurately and timely file your state and federal income tax return on time.  With just a few short weeks until the dreaded April 15th deadline, you can rest easy knowing that the Maryland tax attorneys of Rosenberg Martin Greenberg are available to help you file an extension request for your federal and state tax returns, which is automatically granted provided you submit the requisite paperwork by midnight on April 15th.

So, don’t delay – file for your tax extension today, and you can rest easy until the extended deadline of October 15, 2015.

Tax extension basics: How, When & Why

An extension, as the name suggests, results in a six-month postponement of the due date for submitting an income tax return.  Unfortunately, an extension only allows for additional time to file, not additional time to pay – and all taxes owed will still be due by midnight on April 15th.  If you find yourself unable to pay the entirety of your tax due, a competent tax attorney can help you arrange for a payment plan or similar arrangement to alleviate the financial burden of a major tax bill; however, keep in mind that an extension will not accomplish this task and penalties will accrue for late tax payment.

In order to file for a federal tax extension, each taxpayer must submit a Form 4868. This can be accomplished either by filing electronically or by paper submission. For a Maryland tax extension, taxpayers must submit Form 502E to the Comptroller of Maryland. In addition, residents who have already filed for a federal extension and do not expect to owe any state tax are not required to file Form 502E and an automatic extension will be granted as a derivative of the federal request.

Good (and bad) reasons to request an extension

There are a multitude of reasons why a tax extension is a good idea. And, for the most part, the IRS does not care why you need extra time.  The extension request form is short and simple, and does not demand a reason or explanation for the delay in filing.  In other words, if you think you’ll be late in filing your return, there is no reason to not seek additional time (except if you need additional time to pay).

For many, the time between receipt of all necessary tax information statements (e.g., Forms W-2, Forms 1099, interest statements, and others) and the April 15th deadline is simply not long enough to ensure the accuracy of the contents of the tax return.  For others, major life events like death, marriage, or divorce have created a situation making it difficult to gather the required paperwork on time.  Whatever the reason, be sure to contact a knowledgeable tax attorney right away for advice on your federal tax extension request.

Call Rosenberg Martin Greenberg today

For help with a tax extension, or to review your options in filing your 2014 federal and state income tax returns, please contact the knowledgeable law firm of Rosenberg Martin Greenberg.  Our offices are conveniently located in downtown Baltimore, as well as Maryland’s capital city of Annapolis.  You can reach us by calling 410-727-6600 today.