It’s THAT time of year again… that dreaded deadline that haunts your dreams and stalks you down hallways… it is Tax Time…Great News! Theres a little something called a tax extension that could allow you the time to:
- Gather ALL of your documents
- Request necessary forms
- Time to thoroughly analyze all of your accounts
- Catch deductions (Yay!)
- Avoid fines and an anxious Uncle Sam
The Deets
Avoid Late Penalties
No one likes fees, especially in a world where one is literally beset by them on all fronts. If you file your taxes late, they will find you – So do not be that person! Your extension must be approved BEFORE the deadline, but this can give you a little breathing room as things come together.
Prep Your Docs!
Hiccup with downloading rideshare data? Forgot to send something to your accountant? Misplaced a whole month’s worth of receipts? An extension helps you make sure every t is crossed and i is dotted. You want to maximize your return as much as possible, do not leave money on the table because a key piece slipped through the cracks.
Accuracy is Key
Patience is a virtue as they say… rushing can lead to errors. Crunching numbers is never fun (especially if you are handling things yourself) and double or triple checking your work can help you catch inaccuracies that could come back in a painful manner down the road. Doing things right the first time can save you the headache of sorting through an audit should it happen to you…. Nothing about the word audit is enjoyable – better to be safe than sorry.
Downsides
Extension does not equal free ride – make sure you pay what you owe! This should be a no brainer, but life is hectic – do not forget about Uncle Sam because he has not forgotten about you.
You are not guaranteed an approval *waves arms wildly* try if you can to get one, but be prepared for a “no” (nothing beats a failure but a try eh?), and oh yeah… trying for an extension the day before is probably not the greatest idea.
This is a tool that can save your bacon, but pace throughout the year and next tax season you can show those deductions who is boss!
