During tax time, it goes without saying that pulling together the receipts and invoices, filling out the paperwork, and making sure you’ve got all your deductions lined up and in a row takes more time than you think. As we near the tax deadline, you might be thinking that it’s time to consider filing for a tax extension. And that doesn’t necessarily have to be a bad thing. Here are a few reasons why filing for a tax extension could be a huge benefit to you and your business:
- you gain 6 months to file
- relieve the stress of pulling it all together by the tax deadline
- more time and less stress means you’ll make less mistakes and not forget any important pieces to the financial puzzle
- you’ll be able to find missing info or verify things that may seem inaccurate
If you owe taxes and you aren’t able to pay them, we highly suggest that you don’t file for a tax extension. Tax extensions only give you extra time to file, not extra time to pay so you’ll want to make sure that you make any payment in the amounts that you think you may owe when you file for your extension. If you’ve got questions regarding your specific tax situation, we’d be more than happy to answer them.
What To Do After You File For Your Tax Extension
Once you’ve decided that you can benefit from a tax extension (and it’s for the right reasons), it’s time to make sure you’ve got your bases covered. You’ll complete the tax extension paperwork and submit it to the IRS, but you’ll need to make sure you take care of a few important aspects once you’ve finished submitting your tax extension.