5 Good Reasons to File an Income Tax Extension
With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.
If you’re considering filing an income tax extension, you’re not alone. The IRS recently estimated that 10.2 million of the 140 million tax filers will file for a tax extension this year. What’s more, approximately 2 million of those extensions will be electronically filed online.
File Later tax extension service - a popular website where taxpayers can file their income tax extension - compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.
Although the IRS doesn’t care (or ask) why millions of taxpaying Americans file for extensions every year, you may find these valuable:
1. Accountants and tax professionals are much busier in April than they are in October. Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket.
2. Filing an income tax extension may reduce your chance of audit. IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns.
3. Getting paperwork together to complete your taxes isn’t easy. Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you’re taxes are done right, and extending will give you extra time to track down any additional deductions so you’re getting the biggest tax return possible.
4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA’s can be expensive. Filing for an income tax extension will also extend your deadline to fund these types of retirement plans.
5. It’s easy. Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you’ll get an email confirming the IRS has approved your extension, and you’ll have 6 more months to finalize your tax return.
And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn’t care or ask. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.
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It's difficult to provide accurate Canadian income tax information, but we have gone through the rigor of putting together as many Canadian income taxes related information as possible.
It's difficult to provide accurate Canadian income tax information, but we have gone through the rigor of putting together as many Canadian income taxes related information as possible.
It's difficult to provide accurate Canadian income tax information, but we have gone through the rigor of putting together as many Canadian income taxes related information as possible.
It's difficult to provide accurate Canadian income tax information, but we have gone through the rigor of putting together as many Canadian income taxes related information as possible.
Looking for a reason for put off until October 15 what you can do on April 15? Do you need some encouragement to join America's largest group of procrastinators? Then read on to discover five good reasons to join millions of other loyal American taxpayers who legally file their tax return late, without any late filing penalties and without being harassed by the IRS.
Can’t afford to pay your taxes? If you want to save yourself from owing additional back taxes and IRS penalties, you've got until the October 15th tax extension deadline to get the tax help you need from an expert CPA, tax attorney or tax resolution specialist. If you don’t have money to pay the IRS or need help filing delinquent tax returns, know how to avoid IRS problems.
Many people get panic when they find that they don't have Form W-2 or Form 1099 at the last moment and then they're afraid that they can't file their return on time. They are in two minds on filing for an extension. They feel it will invite IRS to do Tax Audit. This is not correct. You should go for an extension without any hesitation.
As you devour this article, remember that the rest of it contains valuable information related to income tax form and in some way related to federal tax filing, business tax UK, revenue Canada income tax return or due date for federal income taxes for your reading pleasure.
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If you are feeling the stress of the upcoming April 15 income tax deadline, you have another option - you can file a tax extension and delay your income tax deadline to October 15. The fastest way to file an extension is to file it online through a website run by an approved IRS e-file provider like FileLater.com.
Looking for a way to cut down on the April tax time blues? There’s a little known secret called an IRS tax extension (the technical term is an IRS Form 4868 – Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), and a company called FileLater who can help. Of 130M United States federal income tax filers, about 10M filed for automated extensions last year, so you won’t be alone. And the IRS doesn’t ask (or care) why you file for an extension.
With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.
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