5 Things You Don't Know About Income Tax Extensions
Not many people are familiar with the way income tax extensions work. Maybe what you don't know can help you - keep reading to find out.

  1. The IRS does not require you to give a reason for your tax extension. That's right, kids, the IRS will automatically grant a 6-month business or personal tax extension to anyone who fills out the proper paperwork on time. They don't frown upon extensions and they don't care why you want one.

  2. It might lower your chances of getting audited. Many CPAs and tax experts believe that, contrary to popular belief, filing a tax extension makes you less likely to be audited. IRS agents do have an audit quota to fill--but most of them get it done before the extended deadline, and so they have no need to give your return extra scrutiny.

  3. Filing for a tax extension is quick and easy. There's just one simple form--IRS Form 4868 for individual income taxes, or Form 7004 for business extensions. You don't need an accountant's help--in fact, you can file an extension online in just minutes. TaxExtension.org recommends our partner, FileLater.com, for all your tax extension needs.

  4. With a tax extension, you can file anytime between March and October. The standard deadline is March 15 for businesses and April 15 for individuals. With a tax extension, those deadlines extend to September and October, respectively. However, if you're ready to get them done early after all, there's no reason you have to wait until the extended deadline. The IRS will accept your tax return anytime.

  5. Millions of people and businesses file tax extensions every year. The IRS estimates that over 10 million individual and 3 million business tax extensions are filed every year. They have become so commonplace that many state governments have taken to automatically granting extensions, whether you ask them for one or not. Many taxpayers make it a habit to file for an extension every year whether they need it or not, just in case. And since it's so easy, there's no reason you shouldn't do it too!