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).
If that snowy day happens to coincide with the day you were supposed to do your taxes, you have options. You can give yourself, or your business, extra time to file your taxes. And the best part? The IRS doesn’t ask for a reason. So even though you and I know you just can’t function in the snow, no one else has to know. And as far as the IRS is concerned, you’ll have extra time to file your taxes.
Whether you are new to filing an IRS extension or you 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.
