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Donna Genie explains why filing a tax extension makes sense during busy season. Extensions reduce audit risk and give you time to find all your deductions instead of rushing through returns.
Donna Genie explains why filing a tax extension makes sense during busy season. Extensions reduce audit risk and give you time to find all your deductions instead of rushing through returns.
Hi there. It's tax time, and everybody's got April 15th on their mind. But a lot of people say, yeah, no worries. I'm going to file an extension. I'm sure that you've probably had a little more trouble this year finding accountants who will handle taxes. Many accountants have decided that the stress and strain it puts on such a tight window is just too much. And honestly, a lot of tax returns are really underpriced for the knowledge that it takes to complete those returns. With tax returns pressurizing all of the time frame it takes to do the returns and prepare them appropriately, many accountants have moved to filing extensions. I file a mandatory extension for every client we have. It does a couple of things. First, it eases that pressure to make sure that we have all of the deductions to offer you so you can pay the minimum taxes possible. Secondly, it also reduces your chance of audit, believe it or not. So I do suggest everybody file an extension, however, most importantly, and write this down. If you owe money, there is no exception for the time frame to pay the money in. The money is always, always due on April 15th. You can't delay that time frame.
