Five Reasons You May Need to File for an IRS Tax Extension

Five Reasons You May Need to File for an IRS Tax Extension

- Having trouble getting all of your tax documentation together?
- Trying to reorganise your business?
 You may need to file for an IRS tax extension. Here are some examples of when and why.

Chances are you’ve heard about a tax extension. If not, a tax extension is when you ask the IRS for more time to file your paperwork. This is not an extension of time to pay your taxes. Your taxes will still be due by the filing deadline. However, there are many benefits and reasons to file for an extension. Whether you need more time or don’t want to get audited, a tax extension may be the way to go. Here are just five reasons you might want to file for an IRS tax extension.

Better, More Accurate Service

It doesn’t matter how great an accountant is, if you’ve waited until April to file your taxes, there’s a chance mistakes may be made. If you find yourself down to the wire, it might be best to file a tax extension. This will give you until October 15th, which is more than enough time for tax offices to calm down. Just remember that you don’t have to wait until October. You can file your taxes any time before then.

Less Likely to Be Audited

When you or your accountant is rushed, the numbers might not add up, and you can bet the IRS will notice. This can result in an audit. However, if you get the IRS extension and take more time to look over the numbers, gather your receipts, etc, you’ll be less likely to be audited.

Not Getting Paperwork on Time

It’s true that companies are suppose to mail out needed paperwork by the end of January. Unfortunately, there are many cases where this doesn’t happen. Not only is this frustrating, but it can limit the time you have to get your taxes filed. That’s why it’s best to simply file an extension to ensure you do have enough time.

Life Happens

There are a number of life events that can cause you to completely forget about your taxes. For example, a death in the family in February can certainly cause you to neglect your taxes. Regardless of the situation, this is another reason why you might need to file a tax extension.

It’s Easy and Free

Last, but not least, filing a tax extension is extremely easy to do. If you use the form provided by the IRS, it’s even free. There are a number of companies that offer this service for a small price. The advantage to using a company is that you get a confirmation that the extension request was received.
Don’t let April 15th get to you. If you find yourself in a pinch, you can easily file a tax extension that allows you another 6 months to file your taxes.

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