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 #94: your boss is making you work overtime, so you don’t have time to do anything but work.
Time is running out. April 15 is approaching fast. You haven’t even started working on your tax return yet and your boss is asking you to work overtime. Yikes.
This is a scenario that plays out all over the country this time of year. And it’s the perfect formula for filing a tax extension to give yourself more time.
A tax extension is the perfect answer for these busy times. The reality is that April 15 arrives too early every year. It seems like there just isn’t enough time to work and manage things like taxes. An extension allows you to take a deep breath and file when things calm down at work. You’ll have an extra 6 months, so hopefully you won’t have to work O.T. for much longer.
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.