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.
Here’s reason #32: your accountant told you to file a tax extension.
Whether it’s because life is too busy to file taxes on your own or you just have zero interest in learning accounting and/or tax law, you use an accountant to help file your taxes. And just like any other professional that you hire to give you advice (like a lawyer or a financial adviser), you take serious head to when your account gives you a path for getting your taxes done during the stressful period we all know as tax season.
This year, like a lot of Americans, your accountant has recommended that the best course of action includes filing a tax extension. The extra six months the extension will provide will allow you to do a number of things like gather any missing paperwork, contemplate the ramifications of a recent life change like buying or selling a home or having a child.
If you fall into that category, remember that e-filing a tax extension is a great option. It’s easy and you get a guaranteed response from the IRS.
Whether you are new to filing an IRS extension or you file one every year, remember that a tax extension does not give you more time to pay what you owe the IRS. You still need to make your payment by midnight on April 15. An IRS extension gives you more time to file the necessary tax forms you’re supposed to file. Failing to make a payment could make you subject to tax extension penalties and interest.
Have you ever filed an IRS extension to file taxes for yourself or your business? Thinking about filing one this year? Drop me a note in the comment section below.
