It’s tax season again and many of you are wondering about extending your returns. Extensions are good for many reasons, such as giving you additional time to gather the information necessary to prepare a complete and accurate return.
One key thing to note – extensions do NOT give you additional time to PAY your taxes. The extension is only for the filing of your return. Therefore, you still should have a good idea of whether or not you will owe any additional taxes as of April 15th.
If you are extending your return, please get all the tax data you have available to us so that we can help you determine if you need to make a payment with your extension. Below is a great FAQ from the AICPA regarding extensions.