What Every Taxpayer Should Know About Filing an Extension

April 07, 2017

Taxes are hard. There’s no way around it and you can’t convince me otherwise. And filing an extension might help, but is it really that simple?

5 things you should know about filing a tax extension: Click here for a list of Accredited Tax Preparers!

1. Extension to file ≠ extension to pay.
An extension gives you an extra 6 months to file your return, not pay the amount you owe. According irs.gov taxpayers must estimate their tax liability and should pay the amount due.

2. Filing an extension is easy.
You can file an extension for any reason, and you can even do it online, but be sure to file by April 15.

3. You can still file for free.
Even if you file an extension, you can still file with the IRS Free File program until October 15.

4. Use your time wisely.
Take the extra 6 months to look for mistakes on your return, and check your eligibility for overlooked tax benefits.

5. Everyone is doing it.
Okay, maybe not everyone. But in 2014, nearly 13 million taxpayers filed for an extension. So if you still haven’t filed - you’re not alone.

Need help filing? Find an Accredited tax service at http://go.bbb.org/1O41UYC.

By Danielle Spang

Disclaimer: Views expressed on this Blog are those of the individual author and do not necessarily reflect the views of BBB Serving Northeast California.