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With not much time remaining until the April 15 IRS income tax deadline, many Americans are scrambling to finalize their income tax returns. This year, a growing percentage of taxpayers will choose to file an IRS income tax extension, which will postpone their tax deadline to October 15.
If you’re considering filing an income tax extension, you’re not alone. The IRS recently estimated that 10.2 million of the 140 million tax filers will file for a tax extension this year. What’s more, approximately 2 million of those extensions will be electronically filed online.
File Later tax extension service - a popular website where taxpayers can file their income tax extension - compiled the following list of reasons why taxpayers should consider joining the growing trend of taxpayers filing a tax ex tension rather than stress about getting their returns completed by April 15.
Although the IRS doesn’t care (or ask) why millions of taxpaying Americans file for extensions every year, you may find these valuable:
1. Accountants and tax professionals are much busier in April than they are in October.Getting the proper amount of time with an accountant gets harder and harder the longer you wait leading up to April 15. Extending your income tax deadline to October 15 will give your accountant or tax pro that extra time to focus on your tax return, which may mean extra tax savings in your pocket.
2. Filing an income tax extension may reduce your chance of audit.IRS auditors have quotas they need to meet every year on the number of returns audited. Returns are sorted for auditors by filing date, and most auditors will have met their quotas before they get to extended returns.
3. Getting paperwork together to complete your taxes isn’t easy.Organizing that shoebox of W2s, 1099s, mortgage interest statements, and receipts can take longer than you expect. Giving yourself the extra time needed will ensure you’re taxes are done right, and extending will give you extra time to track down any additional deductions so you’re getting the biggest tax return possible.
4. For business owners, funding retirement plans such as Simplified Employee Pensions (SEPs) or SIMPLE IRA’s can be expensive.Filing for an income tax extension will also extend your deadline to fund these types of retirement plans.
5. It’s easy.Your income tax extension can be filed in less than 10 minutes using an online provider like File Later. The process is completely paper-free, and your extension will be e-filed, meaning you’ll get an email confirming the IRS has approved your extension, and you’ll have 6 more months to finalize your tax return.
And remember, even though you may be interested in the reasons to extend your income tax return, the IRS doesn’t care or ask. As long as your application is filed correctly, your extension will be granted by the IRS and your new tax deadline will be October 15.
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