Running late on your income tax filing in Mesa? Most people don’t realize they can request a tax-filing extension from the IRS to get additional time to file their returns.
These extensions aren’t limited to people who are running late. There are many reasons why filing a tax extension would be helpful for anyone. Extensions are free, easy to get and give you an additional six months to complete your taxes.
Here are the benefits of filing a tax extension form.
Avoiding Late Penalties
The IRS imposes late penalties for not filing your income taxes on time. Not all hope is lost if you’re falling behind and unable to file your taxes by the deadline. You can ask for an extension to avoid late penalties.
Improving Accuracy
Tax season starts after the New Year, and everyone rushes to get their taxes done by the deadline. Whether you take care of your income tax or rely on an accountant, you could end up with mistakes that may cost you.
Getting an extension relieves the stress of rushing to meet the deadline and gives you time to get your documents sorted. You can also work with your accountant when they have more time and availability to focus on your tax needs instead of juggling hundreds of clients and running against the clock.
Skipping the Tax Season
Accountants are human too, and during a busy tax season, it’s easy for simple mistakes to occur like missing important deductions. Getting an extension for your income tax filing in Mesa gives you a grace period to miss the hectic tax season and take your time to file taxes accurately.
Make The Right Choice
An extension gives you extra time to make the right choice, whether you wish to claim certain deduction and whether it’s right for you. If you didn’t consult an accountant in the past, you can do so now. An extension gives you that chance.
How to Request a Tax Filing Extension
If you’ve considered the benefits and decided that requesting a tax filing extension is a good choice, the process is simple and straightforward.
The extension for tax filings can be found online. You simply complete the IRS Tax Form 4868 for personal tax returns or IRS Tax Form 7004 for business tax returns, and you can file your tax extension.
If you submit Form 4868 electronically, you will receive a confirmation code from the IRS indicating that it’s been received. Make sure you keep the deadline for filing in mind, however. You won’t be able to request an extension once the deadline has passed.
Get Help for Your Income Tax Filing
Income tax filing requires a lot of patience and preparation. You want to have accurate, timely returns with the goal of maximizing your tax refund. If you need help with your tax returns, the professional tax preparation team in Mesa at M&M Accounting LLC can assist with the personal income tax or small business tax processes. Contact us today!