Getting a tax extension is easy. In fact, millions of taxpayers file tax extensions online every year. Tax extensions aren’t just for procrastinators — they’re for anyone who wants more time to prepare their tax return. A personal tax extension or business tax extension can be easily obtained by any taxpayer who files their application (Form 4868 or Form 7004) properly and on time. Having that additional time to gather your information and take advantage of tax breaks can really be a blessing.
Here are 6 important reasons why you might want to file a tax extension:
1. There are no eligibility requirements for a tax extension.
Any taxpayer is eligible to get a 6-month extension (5 months for certain businesses) from the IRS. All you need to do is fill out the extension application accurately and submit it by the original deadline of your return — March 15 for most businesses, and April 15 for most individuals. The IRS doesn’t ask you for a particular reason or any kind of explanation.
2. A tax extension gives you time to get your act together.
Simply put, if you can have the time to prepare a more beneficial tax return, why not take advantage of it? With a tax extension, you’ll have more time to gather documents and make sure you’ve claimed every tax credit and deduction you qualify for. An extension can also help prevent you from making mistakes on your tax forms. Don’t rush through your tax return — file a tax extension instead!
3. You may be able to avoid an IRS audit by getting a tax extension.
Certain tax returns are subject to auditing because they raise red flags at the IRS. However, filing a tax extension does not make you a target for IRS audit. In fact, it’s quite the opposite. The IRS tends to fill its audit quota in April when most people are filing their tax returns. So by the time your tax return is filed (up until October 15 with a tax extension), the IRS is no longer on high alert.
4. A tax extension can help you benefit from new tax laws.
As you probably know, tax laws and regulations are always being modified and updated. You may find that a change in tax law makes you eligible for certain/new deductions that you couldn’t claim before. This can help you lower your tax liability or get a bigger tax refund. A tax extension gives you more time to file, which means you may be able to wait until those new laws take effect before filing your tax return.
5. You will get more focused attention from your tax preparer.
March and April are always hectic months for professional tax preparers because this is when tax returns are due for individuals and businesses. You may have trouble booking an appointment during this time, and there’s a higher chance that your accountant could make an error on your tax form. A tax extension can solve that. You’ll find that tax accountants are much less busy after April, so if you hire someone they’ll be able to focus on your return.
6. A tax extension provides peace of mind during the craziness of tax season.
Getting more time to file your return means you can take a step back from the chaos of April’s filing season. If you e-file a tax extension using an Authorized IRS e-file Provider like TaxExtension.com, you will receive email confirmation as soon as the IRS approves your request. You can even pay your taxes online with your extension application, thus avoiding IRS penalties and interest. You can also rest easy knowing that TaxExtension.com’s robust security technology is keeping your personal data secure.
Feel free to contact our Support Team if you have any questions.
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