Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #65: it’s fast – file a tax extension online in just 5 minutes.

What sounds better? Endless highly-stressful hours spent flailing around to get your taxes filed on time or 5 minutes to give yourself an extra 6 months to file?

No-brainer, right?

For all of the hardship and stress that filing a tax extension at the last minute can bear, filing a tax extension is refreshingly fast. In 5 minutes or less, you can e-file a tax extension directly to the IRS and have the security of an extended tax deadline.

Compared to other tax forms, the tax extension form is surprisingly simple – especially when filed online through a provider like FileLater. There are only a few fields to fill out. As long as you know you name, social security number, and an estimate of how much you owe in taxes, then you’ll be able to plow right through the form and have it filed very quickly.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #64: just because your business didn’t make any money last year doesn’t mean you get a free pass to file taxes on time.

Unfortunately, the tax deadline for businesses is not variable. It’s etched in stone. Whether your business was profitable or if it lost money last year, it’s still responsible for filing taxes on time. The only way a businesses tax deadline can changed is by filing a tax extension.

A business tax extension changes the tax deadline from March 15 to September 15 for corporations and April 15 to October 15 for most other business types.

Failure to file taxes on time can result in late filing penalties. Those penalties are wiped out as long as your business at least filed an extension.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

A fair warning to the corporate tax filers out there:

The 2010 corporate tax deadline is March 15, not March 16.

I have seen several websites  publicize March 16 as the deadline date (I won’t link to them because we all make mistakes). I think the reason why there might be confusion is because the 2009 corporate tax deadline was March 16. The reason why it was March 16 was because the 15th fell on a Sunday. This year March 15 is on a Monday…and that Monday is not a federal holiday.

By no means am I trying to rob anyone of an extra day to file their corporate taxes. I just want people to have the correct info.

If that actual date doesn’t make any difference and you’ll need more time anyway, remember that you have the option to file a corporate tax extension. You’ll get an extra 6 months to file your taxes.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #63: you sold some stocks or similar investments and things are more complicated for you tax-wise.

The good news is you made some extra cash last year by selling that hot tech stock that shot through the roof. The bad news is you have to pay capital gains tax and you’re not really sure what that means in terms of filing your taxes.

The typical American taxpayer’s picture doesn’t change much from year-to-year. They keep the same job, live in the same house, and have the same number of dependents. That stability makes it easier for someone to do their taxes on their own if they want to.

For those that do their own taxes, a new variable like capital gains tax can be confusing enough (or even intimidating for some) that the extra time a tax extension provides is very valuable. That time could be used to research exactly how to correctly account for that extra income or even talk to a tax professional for advice (always a good idea).

No matter the reason why you need more time to file your taxes, the IRS doesn’t care. A tax extension is automatic. So take that extra few weeks or months to figure out how that nice margin you made on that stock fits in with the rest of your tax picture and find another great stock for this year.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #62: my business partners and I just can’t find a time to meet.

It’s challenging for a business to find a convenient time to get all of the decision makers together at one table. Everyone is off doing their job trying to make the business better, more profitable. When the agenda for a meeting includes discussing tax implications, it’s even harder to avoid the scenario in the picture – one person sitting alone twiddling his thumbs.

This is especially true in small entrepreneurial ventures where partners might have other jobs or more than one venture that demands their time.There just never seems to be a good time to get together and talk taxes.

For this reason, some businesses choose to file a business tax extension so that they can meet and make decisions together about the company’s finances and their tax situation. An extension is a great option because it gives companies more time to work around everyone’s busy schedule and finally have that meeting everyone is dreading.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #61: your business shuts down in preparation for March Madness.

So let me get this straight. The start of men’s college basketball tournament (a.k.a. March Madness) and the corporate tax deadline are the same week? How on earth is a business owner supposed to concentrate on taxes when there are brackets to fill out?

Fortunately, filing a corporate tax extension alleviates the pressures of filling out both your office pool brackets and your 1120-S at the same time. The tax extension gives you an extra 5 months to file your taxes. But you don’t have to wait that long. If you want, you can file right after the tournament ends. The extra time just gives you options. The important thing is that your company won’t be accumulating late filing fees while you enjoy the games.

While this may seem like a silly reason, the IRS doesn’t care why you file a tax extension for your business. You can get one automatically just by filling out Form 7004 correctly.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #60: extending your corporate tax deadline means just one trip to the accountant.

If your businesses is classified as a corporation, the deadline to file income taxes is March 15. Unless you are a super-motivated individual that gets your taxes done really early, that means you make two trips to the accountant – one for the business and a second for your individual taxes.

What a pain.

Besides getting everything done early (tough to do when you’re trying to run a business) you have the option to file a corporate tax extension. The extension gives your business an extra 5 months to file. In the case where you want to make only one trip to see your accountant, you may only need a few more weeks until you get all of your personal tax documents together. The real value to an extension (besides the extra time) is your business won’t accumulate any fees for late filing.

Are you considering filing a tax extension for the first time? Or maybe you file one every single year like clockwork. Either way, 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 March 15 for the corporate tax deadline). An IRS 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.

Let’s chat more in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #59: you moved and haven’t received all of your tax documents yet.

Our Top 100 list already featured one reason related to moving (#13), but there’s a difference between moving and not unpacking and moving and not being able to file your taxes because you don’t have the proper documents yet. The latter happens to both businesses and individuals – especially nowadays when frequent moving to lock in the lowest rental rates is so popular.

Usually it happens by mistake. You move and forget to forward all of your mail to your new location (or your forwarding time expires). As a result, important papers (in this case important tax documents like a 1099, for example) can get lost. Then you’re not able to file becuase you can’t complete all of your calculations. By the time you order a second copy, it’s too late. April 15 is in the rear view mirror.

One option while you wait for backup documents is to file a tax extension. A tax extension gives you an extra six months to file your taxes. Most importantly, you’ll be waiting for those documents without accumulating a late filing penalty.

Are you considering filing a tax extension for the first time? Maybe you file one every single year no matter what. Either way, remember that an IRS 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 March 15 for the corporate tax deadline). An 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.

I love talking about tax extensions. Let’s chat in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #58: you haven’t reconciled Quickbooks yet.

Life gets really busy sometimes. And the busier it gets, the less time there is to do things like bookkeeping (unless you have a simple bookkeeping partner). This is especially true if you’re a business owner. Most of your time is spent trying to grow the business.

When months are left unreconciled, it makes the daunting task of filing taxes seem even more daunting because you have to reconcile and fill out all of those confusing tax forms.

If this sounds familiar, consider filing a tax extension. You’ll get an extra six months (five months for some businesses) to get all of those old bank statements uploaded to your tax software. And you’ll avoid the late filing penalty.

Are you considering filing a tax extension for the first time? Maybe you file one every single year no matter what. Either way, remember that an IRS 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 March 15 for the corporate tax deadline). An 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.

I love talking about tax extensions. Let’s chat in the comment section below.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #57: e-Filing a tax extension means you get a confirmation directly from the IRS.

Here’s why today’s reason is super-important: if you mail a tax extension to the IRS, you will never receive or hear anything in return. That means you won’t know these two very important things:

1. Did the IRS receive my extension request?

2. Was my request for an extension accepted or rejected?

Who cares? Well, if your extension was never received then it obviously never has a chance to be accepted. If it’s not accepted and you don’t file your taxes before April 15, then your taxes will be considered late by the IRS.

If, on the other hand, you e-file a tax extension then you are guaranteed to receive notice that the IRS has received your request. If your request was rejected, then most providers will tell you why and allow you to re-file. FileLater, for example, in such cases will help you re-file for free until your request is accepted.

Are you considering filing a tax extension for the first time? Maybe you file one every single year no matter what. Either way, remember that an IRS 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 March 15 for the corporate tax deadline). An 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.

I love talking about tax extensions. Let’s chat in the comment section below.

You might be too busy to notice that the corporate tax deadline is looming. March 15 will be here before you know it.

For those of you trying to get your taxes filed on time,  the IRS announced the following schedule for the help desk for taxpayers e-filing corporation tax returns:

• Weekdays from 7:30 a.m. until 11:00 p.m. starting Monday, March 8 through Friday, March 19.

For you last-second filers, the desk will also be open on Saturday, March 13 from 8:30 a.m. to 5:00 p.m. All times are Eastern Time Zone.

The help desk phone number is 1-866-255-0654.

In case you need more time, there’s always the option to file a corporate tax extension. That will give your company until September 15 to file taxes.

Tax Extension Center continues its daily series dedicated to The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable tax season option because it saves time, stress, and even money.

Here’s reason #56: you have unresolved tax issues from past years.

The snowball effect and taxes are, unfortunately, related. There is a segment of the population that gets behind and fails to file their taxes. Then the next year they get increasingly overwhelmed and fail to file again. Now there are two years of taxes not filed while penalties and taxes accumulate every month. The snoball starts getting larger and picking up speed. Look out!

Not a good situation.

If that sounds familiar, stop the snowball from rolling. Get professional tax help. One option that you may want to consider before you fall behind on this year’s tax filing is getting a tax extension. An extension will give you an extra six months penalty-free. At least this way you’ll stop the proverbial bleeding.

Are you considering filing a tax extension for the first time? Maybe you file one every single year no matter what. Either way, remember that an IRS 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 March 15 for the corporate tax deadline). An 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.

I love talking about tax extensions. Let’s chat in the comment section below.

Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.

Here’s reason #55: almost a million Floridians file for an extension.

Remember this old argument from when you were a kid: everyone else is doing it, so why can’t I?

In the case of tax extensions, nearly 15 million businesses and individuals file for a tax extension every year. Nearly one million of those are filed in Florida alone.

So if you’re reluctant to file a tax extension because you think you’ll be the only one or that most people have their taxes filed on time…stop! It’s obviously a very common practice. The reality is that a tax extension is so easy to file that it’s a great option for many Americans.

You might be considering filing an IRS extension for the first time. Or maybe you file one every single year. Either way, 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.

Any thoughts, questions, or comments about tax extensions? Let’s chat in the comment section below.

Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.

Here’s reason #54: a death in the family has made life more complicated tax-wise.

God forbid this happens to anyone who reads this blog, but it’s something that does happen to tax payers each year.

How does death complicate taxes? Unfortunately there are several ways. For example, you need to figure out what to do to produce a final accounting for the deceased, how to treat the income of the deceased as an estate (as opposed to as an individual), how to deal with inheritances, etc. It’s  a shame that things are so complex given the severity of such an event.

Among the options available to a person who is affected tax-wise by a death in the family are to A) get professional tax advice and B) take the extra time a tax extension afford you while you deal with the death and sort things out.

No matter the reason, you might be considering filing an IRS extension for the first time. Or maybe you file one every single year. Either way, 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.

Any thoughts, questions, or comments about tax extensions? Let’s chat in the comment section below.

Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. Our aim is to inform taxpayers that a tax extension can be a valuable option because it saves time, stress, and even money.

Here’s reason #53: avoid the long, annoying lines at the post office.

It happens every year. I see it at the post office right down the street from me. Starting in the first few days of April, I notice that the line starts to creep out the door a couple of hours per day. By April 15, not only is the line permanently out the door, it’s around the corner and down the block. Everyone in line looks like they are competing to be voted the most miserable person on the planet.

Why wait in line? There’s a perfectly good alternative. You can file a tax extension online and get an extra six months to file your taxes. Even though you’ll have until October 15, you don’t have to wait until then to file. You can file in May when the lines have subsided (just do go the Friday before Mother’s Day).

To review: if you hate lines, file a tax extension online. Wait until the line disappears and then file.

You might be considering filing an IRS extension for the first time. Or maybe you file one every single year. Either way, 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.

Any thoughts, questions, or comments about tax extensions? Let’s chat in the comment section below.