Applying for a tax extension can be a very smart choice. A tax extension gives you more time to gather all your documents and make sure you’ve claimed every tax break you’re eligible for. You can obtain a tax extension even if you’re not sure you need one. It’s always better to be safe than sorry!
Plus, you are not alone when it comes to requesting a tax extension. Each year there are millions of individuals and businesses that file tax extensions online. Listed below are some of the biggest benefits of getting a tax extension.
You have more time to gather documents and information.
Even though April 15 comes around every year, a lot of people find themselves scrambling at the last minute to file their return. Don’t rush through the tax preparation process! You could miss out on valuable tax credits and deductions, or even recent changes to tax laws, that can save you money. A tax extension gives you some breathing room, as well as the opportunity to properly prepare your tax return.
There are no tests or requirements for obtaining a tax extension.
You are eligible for a tax extension without having to provide the IRS with a reason. The IRS grants automatic tax extensions to anyone who submits the application on time (Form 4868 for individuals, and Form 7004 for businesses). No questions asked! All you have to do is provide some personal information (as it would appear on your tax return) and file your request by the original deadline of your return.
A tax extension helps prevent IRS late fees.
Getting a tax extension can help you avoid the IRS late filing penalty, which is assessed when a taxpayer fails to file their return on time. If you e-file your tax extension using an Authorized IRS e-file Provider like TaxExtension.com, you also have the option of paying your taxes online. By electronically submitting your tax extension application and tax payment on time, you can avoid incurring the IRS late payment penalty and interest charges.
You can make life easier by e-filing a tax extension.
If you’ve ever filed a tax return, you probably know how chaotic tax season can be — nonstop advertisements for tax services, stacks of paperwork, and lines at the Post Office. Take a break from the commotion! Apply for a tax extension online and you will get 6 extra months to prepare your tax return (or 5 months for certain businesses). E-filing is the easiest way to file a tax extension, plus you get email confirmation once the IRS approves your request.
If you have any questions, our friendly Support Team is here to help.
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