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 #100: you can’t start and finish your taxes in a single day.

So, here we are. At the end of our list! 100 reasons have come and gone already.

And today’s reason applies to all of us that leave our tax filing until April 15. You probably already know this, but it’s really tough to do everything you need to do for your taxes. From gathering and organizing your paperwork to studying up on the latest tax law changes and tax credits…there’s a lot to do! How can anyone do that in one day.

If this sounds familiar, then a great option is to give yourself more time by filing a tax extension. An extension will give you 6 more months to file your taxes. More time. Less pressure. Sounds good, right?

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.

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 #99: you’re not alone – more than 10 million people file for an extension each year.

Yep, you read that right.

According to the IRS, more than 10 million of us procrastinate every year and file a tax extension. So don’t let embarrassment be an excuse. Go ahead and file and get an extra 6 months to file your taxes!

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.

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 #98: procrastination is your middle name.

If you have waited this long to file your taxes, chances are you are a procrastinator. It’s okay, be proud! You are one of the 15 million individuals and businesses that procrastinated every year by filing a tax extension.

Remember, being a proud member of Procrastinator nation is a legit reason for filing an extension. You know why? Because the IRS doesn’t care! Every extension is automatic – no reason required.

Whether you are new to filing a tax extension or  you 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.

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 #97: the IRS deserves to wait as long as possible for putting you through this process every year!

I talk to a lot of people this time of year that are extremely frustrated about their tax filing situation. Most are mad because it’s close to the deadline and they haven’t done anything to file their taxes yet. And who do they blame? The IRS of course.

And the resentment towards the IRS is actually a fairly common reason why people file a tax extension. Certain people just don’t want to give the government the satisfaction of filing on time.

I’m not a lawyer or a CPA or anything, but I will say that it’s probably not a great idea to be openly subordinate to the IRS. That being said, if that’s your reason for filing an extension…more power to you. You actually don’t need a reason. Tax extensions are automatic.

The key thing to remember is that doing nothing is the biggest mistake you can make. It opens up the possibilities to late filing penalties and red flags you for possible audit. The least you should do is file that extension. Then you can work out your grudge against Uncle Sam for an extra 6 months.

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.

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.

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 #95: your birthday is in April – you refuse to celebrate and do your taxes in the same month.

How cruel would it be if I said this to you, “Happy Birthday! Have you filed your taxes yet?”

You probably wouldn’t like that. And I wouldn’t blame you. It’s rude to mix something so fun like a birthday with something so boring like taxes.

The best way to avoid the stress of tax season and focus all of your energy on your birthday is to file a tax extension. That way you get 6 extra months to file your taxes penalty free.

So get and extension and enjoy a nice big fat piece of cake without any worries. Just don’t forget to send our thank you cards for all of those nice gifts you received.

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.

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 #94: your boss is making you work overtime, so you don’t have time to do anything but work.

Time is running out. April 15 is approaching fast. You haven’t even started working on your tax return yet and your boss is asking you to work overtime. Yikes.

This is a scenario that plays out all over the country this time of year. And it’s the perfect formula for filing a tax extension to give yourself more time.

A tax extension is the perfect answer for these busy times. The reality is that April 15 arrives too early every year. It seems like there just isn’t enough time to work and manage things like taxes. An extension allows you to take a deep breath and file when things calm down at work. You’ll have an extra 6 months, so hopefully you won’t have to work O.T. for much longer.

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.

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 #93: the Masters is on TV. There’s no time for taxes!

Normally The Masters draws the attention of golf enthusiasts around the world. If you love golf, you watch The Masters. That’s a given.

But this year is different. That Tiger guy is coming back. Now everyone will be watching – even people that don’t really care about golf. Most experts expect that this will be the most watched golf tournament of all time.

With all four rounds on TV (and even more coverage online), that means four less days for you to be able to file your taxes. So filing a tax extension might make a lot of sense. Instead of stressing about taxes on Moving Day, you can sit back, relax, and enjoy the greatest major of them all.

It may seem silly, but your need to watch every second of The Masters is a perfectly legitimate reason to file an extension. That’s because you don’t need a reason. The IRS doesn’t care. Tax extensions are automatic.

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.

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 #92: you were using tax software and it crashed and lost your data.

Tax season is stressful for a lot of us. Most of us procrastinate, which doesn’t make things any easier. When we finally sit down to tackle our tax filing we just want things to be over. When things go wrong like when tax software fails, then that’s enough to drive you crazy.

The support team at FileLater shared with me some of their data about the reasons people share with them for filing an extension. One of the reasons they commonly hear has to do with failures in tax preparation software. The scenario usually goes something like this: persona start their filing at the last minute. Something goes wrong with their software. And all of their information is lost (meaning all of the time they just spent was wasted). Talk about stressful. That scenario is about as stressful as it gets.

In this case a tax extension makes perfect sense. The extra 6 months gives you more time to file and helps you avoid the late filing penalty that you might incur if you started your taxes all over again and filed late.

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.

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 #91: you file an extension online every year. Why change now?

We all have our habits. And a lot of us handle our taxes the same way every tax season. Some of us file early, some of us procrastinate and file at the deadline, and 15 million of us file a tax extension.

Yep, you read that right. One-five million extension are filed each year.

So if you are one of the people that chooses to extend every year…why change? Chances are you won’t. People that file a tax extension like having the option of an extra 6 months to file their taxes. They also like the fact that an extension is easy. And automatic.

All of those reasons add up to lots of folks who fall into the same habit and their tax deadline every year is October 15 instead of April 15.

Whether you are new to filing a tax extension or you are one of the 15 million invidious 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.

With the April 15^th tax deadline quickly approaching, millions of Americans are stressed about getting their taxes filed on time and paying Uncle Sam any tax balance due.  What taxpayers aren’t aware of, however, is that filing a tax extension will not only get you 6 more months to file your taxes, but could also provide you with the cheapest loan around, directly from the IRS.

While the popularity of tax extensions is growing due to increased complexity in tax code and a tough economy, many misconceptions still surround extensions. For example, many believe an extension to file your taxes increases chances of audit. That’s not true. If anything, a tax extension lessens one’s chances of being audited.

The biggest misconception of them all, and least understood, is that filing for a tax extension will result in costly penalties and fines from the IRS – quite possibly exactly what the IRS and online tax preparation companies want you to believe… but reality is likely to surprise you.

It sickens me to see online tax companies using scare tactics to get people to file by April 15^th so they can get paid.  More than 15 million tax extensions are approved by the IRS annually, and there’s absolutely nothing wrong with asking for more time to file or pay for your taxes. Heck, I do it every year.

Here are the facts. There are three potential finance penalties associated with not paying your taxes:

1. Late Filing Penalty. If you do nothing – you don’t file either your taxes or an extension by midnight of April 15^th - you will be assessed a late filing penalty. And this one hurts.  The penalty is 5% of your balance due per, month, or $50 for each $1,000 you owe.  However, simply filing a tax extension means no late filing penalty until October 15^th. Congratulations – one down and two to go.

2. Late Payment Penalty.  If you file your taxes or are approved for an extension and don’t pay your balance, you will likely be charged a late payment penalty which is ½ of 1 percent per month for the balance you owe.  This works out to be $5 per month for each $1,000 you owe the IRS… not bad.

3. IRS Interest. On top of the measly late payment penalty, you are also subject to paying the IRS interest on your late payment.  The IRS sets this interest rate on a quarterly basis, which has been 4% for the last 5 quarters.  Roughly calculated, you’ll need to pay another $3.33 for each month that you don’t pay the IRS on that same $1,000.

Here’s where the cheap loan comes in:  let’s assume you owe the IRS $1,000 in taxes this year and decide to file a tax extension and defer your tax payment until October 15^th, the extended tax deadline.  You will pay about $50 in penalties and interest on that  $1,000 loan over the course of 6 months – quite a bargain, actually!

One last word of caution: Never, ever put a tax balance on a credit card. You will first have to pay what is called a “convenience fee” that runs about 2.5% of your balance due ($25 for each $1,000 you owe), and credit card interest on top of that.  Over the same six month period where you’ll only have to come up with an extra $50 by filing an extension, you’ll be paying hundreds if you keep that balance on a credit card.

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 #90: baseball season starts in early April. You need to concentrate on your fantasy team.

Decisions. Decisions.

Taxes or fantasy baseball? Filing a 1040 or an auction draft? Taking that extra deduction or that all-important second closer in the first 15 rounds?

Only in April do fantasy baseball owners who are also taxpayers have to make such tough decisions.

Don’t dispair fellow rotoheads…I’m here to help.

You have options. If you file a tax extension, for example, you get an extra 6 months to file your taxes. That means you won’t have to file until the playoffs. Fantasy season will be over by then.

Seems like a silly reason to file an extension, but if getting your team off on the right foot is that important to you then the IRS understands! Yep, it’s a good enough excuse. You know why? Because a tax extension is automatic. No excuse is required.

Whether you are new to filing a tax extension or you are one of the 15 million invidious 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.

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 #89: family obligations for Easter always get in the way of getting your taxes done.

Happy Easter everyone!

The last thing you want to think about on a holiday – or any Sunday in the Spring for that matter – is taxes. Today your brain should be totally focused on finding the most eggs in the egg hunt, not what your total tax liability was in 2009.

Thanks to a tax extension, you can eat as many chocolate bunnies as you want without feeling guilty that you weren’t productive. In just 5 minutes you can extend your tax deadline to October 15. That means you’ll have plenty of time to enjoy being with the family during Easter. The nerve of tax season infringing on family time!

Whether you are new to filing a tax extension or you are one of the 15 million invidious 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.

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 #88: you want to wait until your accountant has more time and doesn’t have to rush.

Have you tried finding an available accountant lately? If you have, you know it’s a nightmare right now. Any accountant worth his or her weight is swamped with work. And you can bet it will get worse the closer it gets to the tax deadline.

Even if you get through to your accountant, do you feel comfortable that he or she has enough time to really make sure your return is optimized for your tax situation? Look, I’m not trying to bash accountants. But the reality is that they have to really rush if they want to get all of their work done before April 15. And you can’t blame them. They are just trying to get paid.

If the thought of an accountant working like a conveyor belt scares you, then get more time to file by requesting a tax extension online. A tax extension will give you 6 more months to file – enough time to wait until your accountant’s demand calms down and your return gets the attention it deserves.

Whether you are new to filing a tax extension or you are one of the 15 million invidious 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.

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 #87: take advantage of new tax laws.

Let me ask you this: how up-to-date are you on the Making Work Pay Credit? How about the Economic Recovery Credit? The COBRA Subsidy? Residential Energy Credit? Earned Income Tax Credit?

You’ve got all of those covered, right? Good. You are one of the few. The rest of us need to take time to figure out what those, as well as the other changes in tax law, means in terms of our 2009 filing.

It’s really tough to keep up with all of this stuff. It’s even tougher to make sure we’re taking advantage of those laws. And that’s why a tax extension may make sense for you. It will give you the option of having more time to do the necessary research to learn about the 13 new tax laws out there this year.

Whether you are new to filing a tax extension or you are one of the 15 million invidious 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.