Reasons to File a Tax Extension This YearPublished:
The tax filing deadline of April 17th is rapidly approaching and you’re still debating whether to scramble or just file an IRS tax extension this year? While it may seem like getting your taxes out of the way as soon as possible is the way to go, sometimes there are good reasons to put it off.
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Here are the top five reasons you should consider filing for a tax extension.
1. It’s Fast and Easy
Online tax extension services such as FileLater.com allow you to complete, file and get approval for a tax extension all in less than an hour. One of the major advantages of e-filing your tax extension is you receive notification from the IRS that your extension was approved or, in rare cases, disapproved most likely due to faulty data such as invalid social security number and the like. Filing IRS Form 4868 via the U.S. Mail does not provide you that peace of mind since the IRS never acknowledges whether they received the form or not.
2. You’re in the Military
Serving your country is stressful enough. This is especially true if you are overseas away from your family or in a combat zone. So there’s no reason to get extra stressed out about your taxes when you can file a tax extension.
The IRS grants members of the military who are overseas or in combat zones an automatic tax extension. In fact, the time you spend in a combat situation can all be included as part of your tax extension.
3. Paperwork is All Over the House
Where are all your receipts? I thought the W-2s were in that shoebox in the closet! Why didn’t we keep all this stuff together? Sometimes things just don’t go your way when it comes to filing taxes. Instead of pulling your hair out, simply file an extension and save yourself some headache.
4. Tax Pros are Busy
You think you’ve got it bad? There are a hundred people in front of you waiting to use the tax professional you’ve chosen. They are all going to take forever to fix their taxes as they don’t want to file a tax extension form.
Thus, you may not see your tax pro for a long time. It could even be close to the end of the tax season. Filing for a tax extension means less worrying when you can see your accountant and more prep time so you can get the refund you want.
5. Chances of an Audit May Actually Go Down
Filing an IRS extension form may actually reduce the possibility of getting hit by an audit. However, it may not be for the reason you think. Did you know IRS auditors have quotas they must meet? They need to examine a certain percentage of returns to randomly check for cheaters. If you file for a tax extension, it’s possible you could miss the auditing process entirely as they would have already met their quotas.
Getting help in life sometimes isn’t all that easy. So when something comes along that’s quick and cheap to do, you should take advantage of it! If you’re having trouble completing your taxes, file an IRS tax extension form now and enjoy a relaxing tax season this year.