5 Common Myths About Filing An Extension
Life is complicated, so are your taxes. Here at ExpressExtension, we help a lot of people file A LOT of extensions. Therefore, we answer a lot of questions. There are so many misconceptions about filing tax extensions.
Let’s bust some of these myths so that you can spend less time stressing out about filing taxes and more time, well…not filing your taxes.
Extensions Are “Frowned Upon”
Somewhere along the way, extensions got a bad rap. Why? We don’t know, they are totally acceptable! The IRS won’t put a target on your back or hold a grudge if you file a tax extension. As long as you follow the IRS instructions to complete your personal or business tax extension, they have no problem with your decision to file one.
You Have To Mail Your Extension Request to the IRS
You can leave overcomplicated paper filing in the past. When you file your tax return electronically you can save a stamp and the stress. You won’t have to check your mailbox everyday for word from the IRS, when you file with ExpressExtension you will get online updates on the status of your extension.
The IRS Rarely Approves Extensions
Here is another myth that we come across pretty often. For the most part getting a tax extension from the IRS is really easy! When filing an extension Form 7004 for business income tax returns or an extension Form 4868 for personal income taxes, you don’t have to provide any reason for your request.
As long as you complete these extension forms accurately and before your original tax return deadline, the IRS is likely to approve them.
It Takes A Long Time To Get IRS Approval
Another myth to bust! Many people may be discouraged from filing an extension because they think they won’t have enough time to get IRS approval. When you file your extension electronically, you can learn your filing status from the IRS almost instantly. We don’t suggest waiting until the last minute to file your extension, but the approval process is quicker than you might think!
The IRS Has Already Extended Tax Day to July 15, 2020…I Can’t File An Extension.
Not true! Even though the IRS extended Tax Day, you can still file an extension for your business and/or personal taxes. As long as your extension is filed accurately and on time, the IRS has no problem with your request for additional time.
However, it is important to make the distinction between making your tax payment and filing your tax return. When you file an extension, this applies ONLY to your tax return, not your actual payment. Estimated payments must still be made to the IRS on the original deadline, which in this case is July 15, 2020.
With user-friendly software and built-in error checks, ExpressExtension is a great method for filing your extension electronically. Get started today, signing up is free! With no hidden fees or annual charges, you can complete your extension and easily pay upon transmission. Need to make a tax payment? Our software facilitates this as well!
