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.
Halfway to reason #100 on our list! Here’s reason #50: you’re missing a 1098.
The broader reason here is you’re missing paperwork. You’ve either lost it, or it hasn’t been delivered to you yet. And a 1099 is not the only type of form that falls under our reason for today. It could be a 1098, a W-2, or even a W-9. No matter the type of form you’re missing, it’s preventing you from filing your taxes on time (either for yourself or your business) because you need it to properly complete calculations.
In such a case, it makes sense to take advantage of the extra time a tax extension afford you to either A) spend more time to find the missing paperwork or B) do what it takes to get another copy.
You might be considering filing a business tax 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.
