By filing a tax extension, you know that you can gain up to six months of extra time to file your tax return. But that’s not all tax extensions are good for. An effective use of tax extensions can help you avoid late fees, improve the accuracy of your return, and save on tax preparation fees just to name a few benefits. If you’re still thinking about whether or not you should file an extension during the tax season, or if you already know that you’re going to file an extension, here are some tips about using extensions to the best of your advantage.
Receive Time to File, Not to Pay - Tax extensions will only grant you extra time to file your actual tax return. If you owe any taxes to the IRS, you are responsible for paying on time whether you’ve been approved for an extension or not. The IRS urges you to go ahead and file your return if completed, rather than filing an extension because you can’t pay. The “Failure to Pay” penalty is less harsh than the penalty for “Failure to File.” The amount of taxes you may owe is known as your estimated tax liability.
For more information about estimated taxes, check out the following blogs:
For more information about paying any tax liability, check out these blogs:
- 3 Ways To Pay Your Estimated Tax
- 6 Tips to Pay Your Tax Bill This Summer
- Electronic Federal Tax Payment System (EFTPS)
For more information about tax deductions, click on the following links:
- Tracking Your Tax Deductions
- Personal Tax Tips: Job Hunt Expenses
- Comprehensive Guide to Tax Deductions
For any questions or assistance with e-filing your tax extension, you can call our live professionals by phone (803-514-5155, Monday through Friday from 9 a.m. to 6 p.m. EST), email (email@example.com), or live chat (www.expressextension.com).