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 #98: procrastination is your middle name.
If you have waited this long to file your taxes, chances are you are a procrastinator. It’s okay, be proud! You are one of the 15 million individuals and businesses that procrastinated every year by filing a tax extension.
Remember, being a proud member of Procrastinator nation is a legit reason for filing an extension. You know why? Because the IRS doesn’t care! Every extension is automatic – no reason required.
Whether you are new to filing a tax extension or you 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.
