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Did You Use The Extension? Know The Rules

You may think that tax season is finally over. For many, it isn’t. In fact, for a growing number of taxpayers who filed for individual income tax return extensions, tax season is just beginning.

For Patrick & Robinson CPAs, we’ve seen a consistent trend, and now almost half our clients will file their tax returns between now and October 16th.

A multitude of reasons, both financial and otherwise, make filing for an extension a smart choice. So, it’s important to know just what an extension entails, as well as common misconceptions about extensions. One popular misconception, for example, is that filing for an extension increases your chances of being audited, which is completely false.

And while filing an extension grants you more time to complete your tax return, it doesn’t delay the payment due date. Even after filing for an extension, late fees and penalties still apply. So, if you extended with tax due and didn’t send a check, get one in the mail ASAP or pay online.

The obvious drawback to filing an extension, if you’re getting a refund, is you’ll receive it later than you would if you filed by the original deadline. But, for many people, receiving their refund later than usual is well-worth the extra time to file a complete, accurate return.

If you have any questions about extensions, the tax accountant team at Patrick & Robinson CPAs remain ready to help. Contact us at 904-396-5400 or Office@CPAsite.com.

 

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Frequently Asked Questions

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Should I consult a CPA if I’m starting a new business?

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Yes. You’ll need to discuss the best organization for your company for tax purposes as well as numerous other issues relating to operations, including pricing, inventory, payroll, liability and profit...

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