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.
Reason #12: you had a child last year and now taxes are more complicated.
First, let me be the latest to say congratulations! Few things in life match the excitement of starting/growing a family.
Besides the lack of sleep and diaper changing, there are some tax realities you have to face when it comes time to file your taxes. The safest thing to do, if you don’t know or understand all of the implications adding a child to the family roster has on your taxes, is to file a tax extension to give your family an extra six months. This may be especially helpful for those of you who are expecting right around April 15.
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.
