Taxes are due in less than a week, and while many people have already filed there remain the few who have not filed whether it be due to being ill-prepared or lack of information. Luckily, there exists the avenue of the tax extension which will grace people with a six month period to gather their information for filing. This begs the questions, why and how would someone file?
There are several reasons someone might need an extension, maybe you’re out of the country, maybe you’re severely ill, or maybe you just can’t find all the information you need. If any of these reasons apply to you, you should continue filing the extension for the extra time to sort out your tax issues.
However, there are some notes surrounding filing the extension that must be considered. First, understand that just because you file the extension you will still have to estimate the amount of taxes that will be owed when the due date comes around. Another piece to remember is that you must file the IRS Form 4868, for the Individual Income Tax Return. Businesses will need to file a separate tax extension. Another possibility to keep in mind for businesses and individuals, consider using a tax professional to determine your taxes and help filing your extension.
Tax season can be hectic or busy for many reasons, don’t let the pressure filing late keep you down. Consider filing an extension to take the weight off. If you need a professional to help, contact the Center for Financial, Legal & Tax Planning, Inc.