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.
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.
With the April 15th 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.
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?
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.
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.
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.
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 #86: you got busted trying to do your taxes at work and don’t want to risk getting fired.
Now that tax season is officially here and the tax deadline is inching closer, most of us are looking for ways to get our taxes done on time. Getting your taxes done at work? Probably not a great option. Especially in this economy where the unemployment rate is still very high.
