Aren’t you prepared with your taxes to file the return? No need to get panic or file a return which is full of errors just to meet the deadline. It’s better to file your tax return late rather than getting red flags for filing it with errors. Mistakes (small errors or blunder) while highlight your name in the IRS’ systems and you might get a notice for audit. If you don’t want to face these situations, you should file for income tax extension. Once it get approved you’d get time to prepare your taxes and you won’t find any tax debt and no need to file for IRS debt relief. There are several things that make tax extension the best option to stay away from the mess related to taxes.
First of all, if your appeal of extension gets approved, you get more time to arrange your paperwork. You will find it quite easy to collect papers, documents, invoices and bills with the extension because you don’t need to run from one office to the other to collect and arrange the required documents. It also allows you to make sure that the paperwork is accurate and IRS won’t get a slightest chance to point the finger at your filing. Moreover, if you have extension, you can check and recheck that you have availed every tax deduction and tax credit that you are entitled to. Since paperwork is the backbone of every tax filing therefore, every year even reputed business owners file for tax extension to have enough time and to make sure that they are filing an error free tax return.
Tax extension also provides enough time to your accountant to concentrate on your taxes without rushing into things. If you are giving all you’re your financial details in the last week of filing, don’t expect that he/she will file a 100% correct tax return. In order to meet the deadline, your accountant or tax professional might not get chance to go through the tax filing to find the errors. Another advantage of tax extension is that you might the new tax laws after the original date of filing taxes gets passed. Since tax laws keep on changing, so you can make use of the tax laws that have been introduced in your extension period. The best part of getting an extension to file your taxes is that you don’t need to face the chaos of the tax season.
Besides several advantages of tax extension, some complications could occur, if you don’t use the tax extension ideally. One you file for the tax extension, don’t get surprised, if IRS agent look at you with suspicious eyes. Your appeal for tax extension needs to well explained and reasonable. There is myth among the tax payers that extension allows you in saving late fee and penalties. However, reality is that you get extension just to prepare your taxes but you won’t get any kind of exemption, relief or deduction.