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.
