Professional auditors suggest individuals and businesses to file for an extension period, at the time of filing of tax return in Kissimmee if their documents and forms are still in the half completed stage.
An extension is basically a plea to the IRS to extend the time originally given to file and submit tax return in Kissimmee. If under due cause, the IRS will provide an extra six months in which time the individual or business has to file and submit the income tax return in Kissimmee.
A thing to remember though is the additional time the IRS gives is only so that individuals can file their complete forms, and doesn’t include extra time to pay the actual tax. For that, the deadline is immovable.
The advantages of filing for an extension for tax return in Kissimmee are;
Extra time to complete your tax return
The IRS grants six extra months to those who file for an extension. This gives more than enough time to complete the tax return in Kissimmee, with all the necessary documents attached. The extension is especially great in that time when individuals are still waiting for tax documents to arrive, or when more time is needed to organize tax deductions.
Helps in reducing late penalties
The IRS generally imposes two basic penalties on individuals and businesses. The first one is a late filing penalty, where 5% of any tax is to be given per month. The other penalty is that of a late payment when half a percent is to be give per month on any tax. Individuals will avoid the late filing penalty if they file an extension and then file and submit their tax return in Kissimmee before the extended deadline.
Can improve accuracy of tax return
Every year, when the time for filing tax return in Kissimmee rolls in, the scene is of a rush to compete the tax returns before the deadline. In such a situation, it’s inevitable from taxpayers and accountants to make mistakes in forms as a result of which they can be subjected to intense scrutiny from the IRS. An extension can therefore give them or their accountants’ additional time to see over the forms and documents to be completely sure that everything is right.
Help in reducing tax preparation fees
Accountants increase their rates a few weeks before the deadline date, when their services are widely needed only to drop the rates again during the slow months of spring and summer. Price sensitive individuals filing tax return in Kissimmee ask for an extension so that their tax preparation can be done at a time when the rates of accountants are lower.
While there are many advantages to filing an extension for tax return in Kissimmee, there are some downsides too such as;
No extra time to pay
Tax payers should note that an extension merely means additional time to complete and file tax return in Kissimmee, but this doesn’t extend to the time needed to pay the tax which should be done by the original deadline at any cost.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.