Google+ Badge

Tuesday, April 10, 2012

Tax Deadline is Fast Approaching, Should I File an Extension?

April 17th is only a week away, and several people are probably scrambling to get their taxes done.  The IRS is one of the most feared, and aggravating, government agencies in most people's opinions.  Due to this fact, many people will rush to get their taxes done by April 17th whether they are fully prepared or not.  If you feel that you don't have enough time to fully fill out the forms and file the correct deductions for your maximum refund, perhaps filing an extension is the proper way to go.

Fear of paying fees or being the target of an audit may be the primary causes for people to pass up the opportunity to file an extension; however, filing an extension doesn't incur any penalties, and gives the filer an additional 6 months to get their taxes filed.  There are some stipulations that you should be aware of if you are planning on filing an extension, though.  Check out lifehacker.com's article Is It a Bad Idea to Get an Extension on My Taxes?  for some tips to see if filing an extension might be in your best interests.

No comments:

Post a Comment