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  Year Round Tax Service

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Why requesting an income tax extension can be a pitfall.....

8/21/2018

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 Filing your tax return early may help eliminate the need to file an extension.

​Extensions of time are often required as a result of disorganization more than financial need. Some people who wait until the last minute to file their returns simply need time to look for additional deductions or gather receipts.
  • Push the process too close to the filing deadline, and you increase the likelihood that you will need the help of a tax professional to help you sort your finances and complete your return.
  • Even worse, if you file an extension but don't pay what you owe if you have a balance due, the IRS will charge you interest and penalties on the outstanding tax debt until it is paid in full.
  • Preparing your tax return early in the year helps you avoid this situation.
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    Heather McTavish

    I am passionate about sharing ways to save you time and $  with  your small business accounting.

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