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 #41: you are out of the country and won’t return until after April 15.
If work or pleasure travel take you outside the country on April 15, one of the last things on your mind will be filing your taxes.
Instead of rushing to get your taxes done before you leave, filing a tax extension is the perfect option to leave your travel plans intact and deal with taxes when you get back home.
Remember, getting an extra 6 months doesn’t mean you have to wait until October to file. The extension gives you options to file any time after April 15 without penalty. So if you get home on May 1, you can file then knowing that you won’t be hit with a late filing penalty.
One last thing, being out of the country for travel is different than living or working out of the country.
Maybe you are new to filing a tax extension. 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.
Got any thoughts about tax extensions? Let’s chat in the comment section below.
