Here are the top 6 reasons you should file a tax extension:
1. It gives you more time to get your paperwork in order. Why rush around during the first two weeks of April if you don’t have to? With a tax extension, you can take your time and ensure that your tax return is accurate and that you’ve taken advantage of every deduction you’re entitled to. Many individuals and business owners file for extensions every year as a matter of course, just to ensure they have the time they need.
2. Your accountant will be able to concentrate on you. If you use an accountant for your taxes, chances are he or she is just about going insane by the end of March. Break away from the herd and make sure you get the professional attention you’ve paid for–from someone who’s actually slept in the last week or two. And you don’t need an accountant to file for a tax extension.
3. You’ll avoid the chaos of tax season. Don’t stand in line at the post office or wait around forever to get your accountant’s attention. Take your time and wait until the rest of the country is done with the April 15 frenzy.
4. You might be able to take advantage of new tax laws. Tax laws change all the time. If you wait until October 15 to file, you just might be eligible for a new deduction or a change in taxpayer status.
5. Your chances of an audit will be lower. IRS agents must audit a certain number of returns every year–but they usually fill their quota by April 15. Take yourself out of the audit pile, and breathe a sigh of relief.
6. The IRS doesn’t need a reason–so why should you? The IRS automatically grants six-month income tax extensions to anyone who accurately fills out IRS Form 4868 (for personal income taxes) and/or form IRS Form 7004 (business taxes). So take your time with your taxes this year. File for your income tax extension online in just minutes.