Tax Extension Center continues its daily series of The Top 100 Reasons to File a Tax Extension. Our goal is to educate taxpayers that 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 #80: you won the lottery and spent a lot of money this year. It’s going to be a while until your accountant finishes going through your receipts.
The upside is you got rich and went on a huge spending spree. That’s great! The downside is your taxes are going to be a heck of a lot more complicated – especially since all of your receipts are currently sitting in a shoebox. You’re accountant is going to love you!
Ok, so not too many people win the lottery every year. Therefore this reason won’t apply to that many of us. But that’s the point of our Top 100 Reasons to File a Tax Extension List. You’re reason for filing a tax extension doesn’t matter. The IRS literally doesn’t care. Tax extensions are automatic! There literally isn’t a field that on the tax extension form that asks for your reason for filing.
Whether you actually won the lottery or you just want to pretend you won the lottery, you too can file a tax extension.
Ever filed a federal extension? Whether you are new to IRS extensions or you are one of the 15 million invidious and businesses that file one very year, remember that 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.
Have any questions of feedback? Let’s talk about it in the comment section below.
