Why file for a tax extension

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Ok, as long as you tried to find it yourself. Perhaps these will help. Here are five good reasons why you should file an extension: 1) Accountants and tax professionals are much busier in. An extension is only for the filing of the current years income tax return.

While you file for the extension you are supposed to also send a payment of your estimated federal income tax liability at that time before the middle of April for. Why file a tax extension? Traditionally, federal tax returns are due on April or the first business day thereafter. Common reasons for requesting an extension include a lack of organization, unanticipated events or tax planning purposes. Having that additional time to gather your information and take advantage of tax breaks can really be a blessing.

Here are important reasons why you might want to file a tax. See all full list on turbotax. Contributions to a traditional IRA and. A new tax season is coming up fast.

And when things get in the way of filing your taxes on time, a federal tax extension can provide some much-needed relief, allowing extra time to prepare your return and make sure your taxes get done right. In fact , I should start with fundamental question “what is tax extension”. The answer is : a tax extension is nothing but the grant of time to file tax return beyond tax day.

If you apply , an automatic six months extension of filing date. You must file your extension request no later than the regular due date of your return. E- file Your Extension Form for Free.

To get the extension , you must. Filing this form gives you until Oct. With all the reasons for a tax extension and the benefits of filing, why would anyone file on time? Well, the downside is that an extension gives you extra time to submit your tax form(s), but not extra time to actually pay them. If you owe taxes, your payment is still due on Tax Day.

Federal income taxes aren’t due until April 1 but as the day creeps up and you may need more time, think about filing an extension , which gives you an extra. So why not file the return on time and then file an amended return once the final tax information comes in the mail? Kaitlin Krozel, a CPA in Scottsdale. FileLater provides a secure online solution for individuals and businesses seeking to e- file an IRS income tax extension.

If this happens to you, it pays to file for a tax extension. The IRS lets taxpayers who need more time to prepare their returns apply for a six-month extension. And while filing an extension doesn’t prevent you from having to pay your tax bill by the deadline, there are a few reasons why it may be the right choice for you. Take a look at the top five reasons why you should consider filing a tax extension this year.

Important Disclaimers: file-tax. Authorized IRS e- file Provider.