This post continues Tax Extension Center’s daily series of The Top 100 Reasons to File a Tax Extension. In this series of posts, we’re doing our part to educate taxpayers how filing a tax extension can be a valuable tax season option for you or your business because it saves time, stress, and even money.
Here’s reason #96: it’s way too nice outside.
Mother Nature has been in a weird mood so far this year. It snowed like crazy on the East Coast. Then it rained like it never has before in the Northeast. Not to mention the devastating series of earthquakes all over the world. It’s enough to make you wonder what the heck is going on?
For all of those who suffered through the brutal Winter, good weather is finally here. And the last thing you want to do is be trapped inside tackling a pile pf paperwork. Yuck!
The good news is that you have options. Like a tax extension, for example. An extension will give you 6 more months to file your taxes. That way you don’t have to feel bad that you’re stuck inside. You can go enjoy the nice weather and put off filing your taxes until one of those rainy Summer weekends.
Whether you are new to filing a tax extension or you are one of the 15 million individuals and businesses that file one every year, there’s one very important thing to remember: income tax extensions do not give you more time to pay what you owe the IRS for income taxes. You are still responsible for paying what you owe by midnight on April 15 (or March 15 for the corporate taxes). An extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make your payment on time could make you subject to tax extension penalties and interest.
If you have any thoughts, comments, or questions about tax extensions let me know in the comment section below.
