It’s like yesterday when you last filed your tax returns at a professional tax preparation Kissimmee office, and the tax days are back again. Taxes are to be done annually and within the deadline, but at times, you are just not prepared to do so- either your documents are not ready as yet or you simply need more time for the tax preparation Kissimmee. So what to do if this happens? Is there a way out? Yes there is! You can file a tax extension and get enough time to complete your filing.
But is an extension worth applying for? In this article, we will try to clear up all your confusions related to filing a tax extension during tax preparation in Kissimmee and all over the US.
Why should I file an extension?
- The simple answer to this question is that you are not prepared and you need more time to get all your taxes done. For filing the tax returns, the regular deadline is April 15, but if you are not ready by then, filing an extension is the only option you are left with.
- A more important reason to file an extension is to avoid paying the penalty. If you neither file a tax return nor any extension till April 15 then the authorities impose up to 5% of the total tax liability that is due for the year.
Are there other benefits of filing an extension?
Tax extension not only brings enough time for tax preparation Kissimmee, but also some other benefits that you might not have thought about. Following are a few of those,
- Improves the accuracy
As the Kissimmee tax preparation deadline approaches, taxpayers get more anxious and start panicking. The anxiety appears in their forms in the form of mistakes they make. These errors might seem insignificant but at times cause the rejections of the filings by the IRS. However, an extension gives you ample time- around 6 months to fill and then review all your documents to make it more accurate.
§ More time to study documents
When in a hurry, like many taxpayers, you too might overlook a number of deductions that you can claim to reduce your taxable income. But the extra time you get by filing an extension is enough to think and make all the possible deductions.
What doesn’t extension do?
It’s extremely important for you to remember that a tax extension gives you extra time only for filing the tax returns. It doesn’t extend your time for paying your taxes. The deadline for payment still remains to be April 15 2015, for the year 2014.
How to file a tax extension?
A tax extension can easily be filed by filling the 4868, “Automatic Extension of Time to File” form. You can even apply online for an extension, but you must apply before the regular tax deadline, which is April 15.
Although, it’s always recommended to file your tax returns within the given deadline, but if it’s not possible for you this year, you still have got time for tax preparation in Kissimmee.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-502-2400. 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.
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