Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Like just about all of our Top 100 reasons, today’s is really simple (which is not common in the tax world) – you get 6 more months to file your taxes.
That means if you successfully file a tax extension, you don’t have to file your taxes by April 15. Instead, you’ll have a new deadline of October 15.That’s an extra 6 more months to take care of everything you need to for your tax return – gather your paperwork, find a CPA, etc.
More than ever, a tax extension makes perfect sense for a lot of people. People are so much busier these days. And as a result, April 15 seems to come up faster and faster every year. Those extra 6 months are so valuable to millions of taxpayers because it gives them the chance to take a deep breathe and get their taxes together on their own timeline.
There is one exception that business filers need to note: if you file a corporate tax extension, you get an extra 5 months to file your taxes instead of 6 months.
Whether you are new to tax extensions or not, remember that filing a tax extension does not give you more time to pay what you owe the government or face the possibility of penalties and interest. You still need to make your payment by midnight on April 15.
Ever filed a tax extension before? Thinking about filing one this year? Drop me a note in the comment section below.
