Extending Your Tax Return
From maximizing your deductions to filing an extension, our team is here to help you with all your tax needs!
Mazuma can file an extension for you if you have completed the current year Tax Return Checklist or if we have filed your tax returns in prior years.
Important Note: If you have not completed the Tax Return Checklist, we may not have the information we need to file an extension for you or your business.
What Are Extensions?
Gathering and organizing all your financial information is no small feat.
That’s why the IRS provides a way for businesses and individuals to have more time to file their tax returns. By filing an “extension” form, you can have six extra months to file your tax return. The extension is a single page form that must be filed before the original deadline. Individuals can file Form 4868 to extend their personal tax return, and businesses can file Form 7004 to extend their business tax return.
But remember, our team can do this for you! Be sure to fill out your Tax Return Checklist and reach out to our team if you would like us to file an extension for you.
Are There Consequences for Extending?
Overall, extending your tax return can be very beneficial for your business. It can give you more time to make sure your taxes are accurate and to catch deductions that can lower your tax bill.
After filing an extension, you have an additional six months to file your tax return. Filing an extension gives you additional time to file your tax return, but it does not give you additional time to pay your taxes. The IRS will charge a late penalty of 0.5% of the amount that was due per month. This means that if you have a tax refund coming, there would be no late payment penalty because nothing was due. There is also a first-year grace period, meaning if this is the first year your tax bill shot up, there will not be a significant tax penalty for paying late.
If you are worried about potential late penalties, meet with our team. We would love to go over your specific situation in more detail.
When it comes to tax extensions, please remember the following:
- You don't have to have a special reason to file an extension
- Filing an extension does not raise a "red flag" or increase your chances of getting audited
- Filing an extension does not mean you have to wait the full six months to file your taxes
- Filing an extension does not mean your finances are a "mess" or that you're doing something "shady"
How Does Mazuma Approach Extensions?
At Mazuma, our focus is making sure your taxes are accurate so you can save the most money possible and stay out of trouble with the IRS. If we have all the information we need to complete your taxes but need additional time to file an accurate tax return, we will file an extension for you. If you have filled out the Tax Return Checklist, we will have all the information we need to file an extension on your behalf.
After filing an extension for you, we will continue working toward completing your tax return as quickly and accurately as possible.
