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Why Tax Extensions Make Sense in a Bad Economy |
This is a rough time financially for many Americans, and it's understandable that many taxpayers want to file their tax returns as quickly as possible, in case there's a refund coming their way. But patience is a virtue… here are five reasons why tax extensions are good for you in a bad economy.
- You get more time to find every deduction you're eligible for. In these uncertain times, you need to hold on to as much of your income as you can--so take your time and make sure that you've filed the most advantageous tax return possible.
- Even though your tax payment is still due by the standard deadline (April 15 for individuals, March 15 for businesses), you might discover that the interest and penalty payments assessed by the government are lower than the interest you may be paying on other debt. So if you really need to have that cash now instead of giving it to the government, an extension allows you that option, albeit for a fee.
- Slow and steady wins the race. In the event of a favorable change in tax laws (happens all the time), you could be eligible for lower rates or additional deductions. It can't hurt you to wait--and it could help a lot!
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In a time of financial uncertainty, you may have more immediate problems to deal with than your tax return. Take some of the burden off your shoulders by filing for a tax extension.
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If, like many Americans, the economy has forced you to change jobs, sell stock, move, tap into your 401(K), etc., you'll probably need more time to handle your more complicated return. The same goes for business owners who have gone through considerable infrastructure changes or must report losses. Give yourself all the time you need and file for an income tax extension online with FileLater. In just a few minutes, you can get an extra six months.
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FileLater provides a secure online solution for individuals and businesses seeking to e-file an IRS income tax extension. FileLater is an authorized IRS e-file