In 2014, more than 138 million taxpayers in the U.S. filed for an extension on their taxes.\u00a0Why? Many Americans use these additional months to reflect on their finances, collect records, look at other options and seek advice. Late is better than filing an incomplete or incorrect return.<\/p>\n
Who files for extensions?<\/strong> How do extensions work?<\/strong> What do you need to file?<\/strong> We\u2019re bombarded during tax season with a constant stream of tax filing reminders that includes the ever-talented, sign-flipping acrobat around the corner from your office telling you April 15 is rapidly approaching. Filing an extension gives you more control over your taxes and deadlines, giving you the opportunity to do it right the first time.<\/p>\n We\u2019re filing extensions daily at Maddox Thomson for our clients. Call or email us today if we can help.<\/p>\n","protected":false},"excerpt":{"rendered":" In 2014, more than 138 million taxpayers in the U.S. filed for an extension on their taxes.\u00a0Why? Many Americans use these additional months to reflect on their finances, collect records, look at other options and seek advice. Late is better than filing an incomplete or incorrect return. Who files for extensions? With a little bit…<\/p>\n","protected":false},"author":4,"featured_media":465669,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124,57,59,73,60],"tags":[129,130,80,131,132,82],"authors":[],"_links":{"self":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts\/465644"}],"collection":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/comments?post=465644"}],"version-history":[{"count":0,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/posts\/465644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/media?parent=465644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/categories?post=465644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maddoxthomson.com\/wp-json\/wp\/v2\/tags?post=465644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nWith a little bit of research, you will find the reasons to file for an extension will considerably outweigh the alternative, especially if you are:
\n\u2022 the beneficiary of an estate or trust;<\/em>
\n\u2022 shareholder or partner of any capacity;<\/em>
\n\u2022 a business owner;<\/em>
\n\u2022 a first time home buyer;<\/em>
\n\u2022 contributing to an IRA or other accounts that need to be reported;<\/em>
\n\u2022 still waiting for information or forms; or<\/em>
\n\u2022 experiencing scheduling conflicts during tax season.<\/em><\/p>\n
\nThe deadline to file for an extension is April 15; think of it as a temporary trade for your tax return. Once you file, the extension is automatic. That being said, filing for more time to finish your return does not mean you are filing for an extension to pay if you owe taxes or fees.<\/p>\n
\n\u2022 Your name
\n\u2022 Your Social Security number(s)
\n\u2022 An estimate of your total tax liability
\n\u2022 Total of what you\u2019ve already paid
\n\u2022 The amount you\u2019re paying with the extension, if any<\/p>\n