EP17 | Knowing When It’s Time To Explore Filing That Tax Extension As A Small Business Owner or Individual

Forget the last-minute scramble –  turns out, filing a tax extension is a total lifesaver if you need more breathing room. Here's the deal: both individuals and businesses can get an extension that buys you six whole months to file your return. That's huge! No more panicking over missing documents or scrambling to meet the deadline. An extension basically hits the pause button and lets you avoid those pesky late-filing penalties.

But here's the key – you gotta file the extension form itself before the original deadline. Think of it like reserving your spot for a stress-free tax season later. Once you have that extra time, I recommend using it wisely. Deep dive into your finances, gather all those receipts, and make sure everything is squeaky clean. You can even use these months to consult a tax pro if needed.

The best part? Filing an extension doesn't mean you're off the hook for taxes owed. You can still make estimated payments to avoid any penalties for not paying on time. So, ditch the tax-time craziness! This episode of Beyond the Receipts totally flipped the script on extensions. It's all about taking control, avoiding mistakes, and keeping the IRS happy. Trust me, your future self will thank you for listening.

Links:

• Follow The Tax Minded Bookkeeper on Instagram: https://www.instagram.com/taxmindedbookkeeper/
• Follow The Tax Minded Bookkeeper on Facebook: https://www.facebook.com/bbizsolution
• Book your Discovery Call: https://calendly.com/bbizsolution/discovery-meeting-w-taxmindedbookkeeper
• Check out the website: https://bbizsolution.com/
• Tax Resources & Free Downloads: https://bbizsolution.com/resources
• The Tax Minded Bookkeeper CEO Tax & Bookkeeping Membership: https://bbizsolution.com/membership
• Extension of Time To File Your Tax Return: https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
• Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return: https://www.irs.gov/forms-pubs/about-form-4868
• Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns: https://www.irs.gov/forms-pubs/about-form-7004
• Online tax filing services that can be used to file extensions: TurboTax: https://turbotax.intuit.com/; H&R Block: https://www.hrblock.com/; FreeTaxUSA: https://www.freetaxusa.com/