This is a guest post from our friends at FileLater, which offers and easy way to get a tax extension. Since they’re the tax extension experts, they put together a list of 5 reasons why you may want to get an extension on your taxes this year.
If you are putting off your taxes again this year, don’t feel alone. There are over 15 million tax extensions filed with the IRS every year. FileLater, the only site on the web that e-files both personal and business tax extensions online, offers 5 reasons you may want to file for a tax extension this year.
- Maximize accuracy and minimize taxes. With a tax extension, you can take your time and ensure that your tax return is accurate and that you’ve taken advantage of every deduction possible. Many individuals and business owners file for extensions every year as a matter of course, just to ensure they have the time they need. A tax extension will extend your tax deadline from April 15 to October 15.
- Avoid the chaos of tax season (and potential penalties). Don’t stand in line at the post office or wait around forever to get your accountant’s attention. Take your time and wait until the rest of the country is done with the April 15 frenzy. By filing a tax extension, you won’t have to pay any late filing penalties, which are 5% per month of any outstanding tax balance.
- Your accountant will be able to concentrate on you. If you use an accountant for your taxes, chances are s/he is just about going insane by the end of March. Break away from the herd and make sure you get the professional attention you’ve paid for–from someone who’s actually slept in the last week or two. And you don’t need an accountant to file for a tax extension. You can e-file your tax extension online at FileLater.com.
- Minimize your chance of audit. IRS agents must audit a certain number of returns every year, and many may fill their audit quotas by April 15. Take yourself out of the audit pile, and breathe a sigh of relief. And, by taking the necessary time to ensure your taxes are accurate, you’ll have even less to worry about.
- The IRS doesn’t need a reason–so why should you? The IRS automatically grants six-month income tax extensions to anyone who accurately submits their tax extension request on time. Although we all have a good excuse why need more time, we don’t have to even share it with the IRS! Visit FileLater.com today to file your tax extension.