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 #21 on our top 100 list: you’re going to use your CPA to file your taxes, but right now you can’t afford the rates.
I talk to a lot of taxpayers each year that file tax extensions and this was a very popular reason in 2009 and I expect a lot of taxpayers are going to be in the same situation again this year. The reality is that everyone is looking for ways to cut back these days. Those extra six months that a tax extension provides are just what the doctor ordered. And remember, the IRS doesn’t need a reason for your extension. It’s automatic.
So if you know you don’t want to tackle filing taxes on your own and just can’t shell out the money for your accountant, give yourself some extra time and file a tax extension.
And if you are really trying to save some cash, while not file a tax extension for free right now? FileLater is offering free tax extensions for both individuals and businesses for a limited time. That’s an awesome deal.
Whether you are new to tax extensions or 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 (or in the case of a corporate tax extension March 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 penalties and interest.
Have you ever filed an extension to file taxes for yourself or your business? Thinking about filing one this year? Drop me a note in the comment section below.
