Tax Extension Center continues its series of The Top 100 Reasons to File a Tax Extension. This series is intended to show taxpayers that a tax extension is valuable because it saves individuals and/or their businesses time, stress, and even money.
Reason #16: you’re a business owner who is too busy working to growing your business.
Is it me or does everyone you meet these days says they are busy? If that’s true, no one is busier than the small business owner. They have a million hats to wear – chief executive, leader, spokesperson, strategist, head of customer support, negotiator, and in some cases even more. Most of all, a business owner is responsible for growing the business – making sure the company is profitable so that it can pay all of its employees and bills and still have some money left over. That’s a huge responsibility that requires a ot of time and dedication.
With all of that to do, who has time for taxes?
The corporate tax deadline is March 15. You thought April 15 came early every year, how about having a full month less to file taxes for a business?There just isn;t enough time to get all of the paperwork and files together that early in the year.
A business tax extension is such a great option that two-third of businesses file for one every year. The extra 5 or 6 months (the exact length depends on the businesses type) that a business gets from Form 7004 is extremely valuable for businesses.
Whether you are new to tax extensions or not, remember that filing a tax extension does not give you more time to pay what you owe the government or face the possibility of penalties and interest. You still need to make your payment by midnight on April 15.
Have you ever filed an IRS extension? Thinking about filing one this year? Drop me a note in the comment section below.
