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 #100: you can’t start and finish your taxes in a single day.
So, here we are. At the end of our list! 100 reasons have come and gone already.
And today’s reason applies to all of us that leave our tax filing until April 15. You probably already know this, but it’s really tough to do everything you need to do for your taxes. From gathering and organizing your paperwork to studying up on the latest tax law changes and tax credits…there’s a lot to do! How can anyone do that in one day.
If this sounds familiar, then a great option is to give yourself more time by filing a tax extension. An extension will give you 6 more months to file your taxes. More time. Less pressure. Sounds good, right?
Whether you are new to filing a tax extension or you are one of the 15 million individuals and businesses that 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.
