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.
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 #46: it’s a long story, but what happens in Vegas, stays in Vegas.
Anyone who’s ever been to Las Vegas knows there’s a certain buffer necessary between leaving and getting reacquainted with reality. It’s sort of like trying to get over jet lag.
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 #35: you just flat out hate taxes.
You won’t find many people out there who will admit to you they love taxes. Most people don’t like them at all. And then there’s the portion of the population that hates taxes. Hates with a capital “H”.
At the very top of the list of things that aren’t likeable about taxes is the act of filing them. The paperwork, the receipts, the deductions, W-2’s, 1099’s, K1’s – it’s enough to make you sweat just thinking about it.
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 #33: it’s snowing. Staying in bed all day sounds like a much better idea than doing taxes.
We all have those days when we wake up, look outside, and think about getting right back into bed because it’s snowing (especially if you are in the Mid-Atlantic right now).
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?
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 #29: a vacation beckons – the best fares for flights are during tax season and you don’t want to miss out on a great deal.
Bottom line: you don’t have to put anything fun like a vacation on hold because you need to get your taxes done. A tax extension gives you freedom in April (or March if you pay corporate taxes). Freedom to not feel stressed out like the rest of us and take that vacation you’ve been putting off forever.
Even though the actual tax extension form for individuals or businesses are a lot simpler than your average tax form, taxpayers still have valid questions about how to complete it. This post continues a Tax Extension FAQ series that covers the most common tax extension-related questions and their answers.
Question for today’s post:
I am self-employed. What kind of tax extension should I file?
Answer:
Great question. This one seems to come up more and more every year, especially nowadays when more people are taking the leap to start their own businesses.
If you are self-employed as a sole proprietor (filing a Schedule C), a contractor (1099), or a single member LLC, you only need file a personal extension (Form 4868) to extend both your personal and business income tax deadline.
If you have another business type, such as an S-Corporation, you will need to extend your business deadline by filing a corporate tax extension (Form 7004).
If you have any questions about filing a tax extension, please let me know in the comment section below. I’ll do my best to cover it in a future blog post.
Even though the actual tax extension form for individuals or businesses are a lot simpler than your average tax form, taxpayers still have valid questions about how to complete it. This post continues a Tax Extension FAQ series that covers some of the more common tax extension-related questions and their answers.
Today’s question is one of the more common questions I get asked:
If I am a partner in an LLC or partnership, do I have to file both a personal and a business tax extension?
