When Does It Make Sense to File a Tax Extension?
If you are unable to gather all the necessary information to complete your tax return by the original deadline, or if you are unable to complete your return by the original deadline, then it may make sense for you to file for a tax extension.
In addition, if you expect income from a pass-through entity such as an S-corporation or LLC, you may not have your K-1 prior to tax day. In that case, you may need to file an extension.
This extension gives you an additional six months to file your return.
What Is the Deadline for Filing a Tax Extension?
The deadline to file for a tax extension is Tax Day.
What Should I Know About Filing an Extension?
While filing for a tax extension can provide you with additional time to file your return, it is important to be aware of the following:
- Filing for a tax extension does not extend the deadline for paying any taxes owed.
- If you owe taxes and do not pay them by the original deadline, you may be subject to additional interest and penalties.
- If you do not file a return or an extension by the original deadline, you may also be subject to additional penalties.
If you have any questions or concerns about tax extensions or need assistance with other tax-related matters, please do not hesitate to reach out to us. Our team is here to assist you in any way possible.