Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jason is self - employed and knows he will have a balance due on his 2 0 2 3 return, but he is unsure how

Jason is self-employed and knows he will have a balance due on his 2023 return, but he is unsure how much. He cannot file his tax return by the original due date because he needs more time to locate and organize his tax records. Which of the following actions is most appropriate for Jason?
Jason should calculate his estimated balance due. He should then complete and file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, and include a payment for the estimated balance due no later than April 15th. After April 15th, he should file his return no later than the extension deadline of October 15th.
Jason should estimate what his income and expenses are, file his return, pay the balance due by the original due date of April 15th, and amend the return later.
Jason should file Form 4868 by April 15th to extend his return until October 15th. After April 15th, he should file his return and pay his balance due no later than the extension deadline of October 15th.
Since extensions are automatic, Jason is not required to do anything. He can simply file his tax return and pay his balance due by October 15th.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forecasting Volatility In The Financial Markets

Authors: Stephen Satchell, John Knight

2nd Edition

0750655151, 9780750655156

More Books

Students also viewed these Accounting questions