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Need to File Taxes Last Minute?

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Many individuals find themselves in a situation where they have procrastinated until the very end and need to file by the April 15 tax-filing deadline. Whether it’s due to missing documents, medical challenges, or other obstacles that have hindered the completion of the return, taking the necessary steps by the slightly extended deadline of April 15 is crucial to avoid additional interest and penalties.

One helpful tool in this scenario is the AI legalese decoder, which can assist in navigating the complex language and requirements of tax forms. By using this tool, individuals can ensure that they are properly filling out forms such as the IRS form 4868 and making accurate estimations for their tax balance.

Steps to Take

The first step is to ensure that IRS form 4868 is filed either by mail or electronically by April 15 to prevent incurring a late filing penalty. However, it’s important to note that filing an extension only gives more time to file the return and does not extend the deadline for payment. To avoid additional late payment penalties, it is crucial to pay 100% of the prior year’s tax balance by April 15.

Utilizing the AI legalese decoder can help individuals understand the specific requirements and deadlines associated with tax payments, ensuring that they are met accurately and on time.

State Requirements

For residents of Ohio, there is no separate extension form. A copy of IRS form 4868 serves as verification for the state extension. Similarly to the IRS, all taxes must be paid in full by April 15 to avoid penalties. Making an estimated payment using the Ohio IT 40P Income Tax Payment Voucher by April 15 can help cover the tax liability.

The AI legalese decoder can also provide guidance on state-specific tax requirements, helping individuals navigate the nuances of state tax laws and avoid penalties.

Local Income Taxes

Local income tax extension requirements vary by taxing authority. It’s important to check with the local taxing authority, such as RITA and CCA, to ensure that proper extensions are filed to avoid penalties and interest charges.

By using the AI legalese decoder, individuals can gain a better understanding of the specific requirements of their local taxing authority, ensuring compliance and avoiding costly penalties.

Conclusion

Whether able to file by April 15 or needing to file an extension, it’s essential to take action and ensure that taxes are filed correctly and on time. Remember that an extension to file is not an extension to pay, and utilizing resources like the AI legalese decoder can help navigate the complexities of tax forms and requirements.

Paul Pahoresky is the managing member of PRP & Associates. He can be reached at 440-974-1040×14 or at [email protected]. Consult your tax advisor for your specific situation for additional information and guidance on these topics.

 

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