Benefits and Drawbacks of Tax Filing Extensions


The tax deadline has just passed. Did you file your returns on time? If you did not, you should have filed for an extension before the April 15 deadline. If you did neither, then you can expect a failure to file penalty. The IRS will charge you a penalty of 5% of the taxes you owe each month up to a maximum of 25%. Hence if you know you are liable for taxes, you should have filed either your tax return or a request for extension if you knew you could not prepare your tax returns on time. Filing an extension will buy you another 6 months of time (till October 15) to file your tax returns.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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