Mark Kohler explains why filing a tax extension is smart. You get extra time to find write-offs and gather documents, and filers who extend face a lower audit risk than those who file early.
Do not be afraid to file an extension for all of you that are like, I gotta file by April 15th. That's the deadline. No. And it's this year. April 18th, by the way. On a Tuesday. That is not the deadline. Why would you do that? First, it gives you more time to gather information, go on the hunt for write offs. Number two, you actually reduce your chances of an audit. The irs, they're waiting for people to come in the door so they can start auditing for 2022. Statistics consistently show the later you file, the less chance of an audit.
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