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.
Here’s reason #31: there’s just not enough hours in the day for both Facebook and taxes.
Every day, more than 52 million people in the US login to Facebook. Chances are you are either one of them or know people who use Facebook all the time. That’s the point – no one really uses Facebook lightly. From posting on a friend’s wall to looking at you pal’s photos from their recent vacation, there are plenty of ways to spend lots of time on Facebook. With all of those things to do, who has time for taxes?
All perceived kidding aside, the IRS doesn’t care why you want or need a tax extension. There’s no place on the form where you need to provide a reason. So for all of you Facebookers out there: know that you can gain some extra time to file your taxes by filing a tax extension. Just make sure you do file before the extension deadline expires. If you don’t, you’ll have a lot more serious problems than worrying about how many coins you’ve earned playing Farmville.
Whether you are new to IRS extensions or file one every year, 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.
Have you ever filed an IRS extension to file taxes for yourself or your business? Thinking about filing one this year? Drop me a note in the comment section below.
