Forbes has published an article, “Taxes Are Due May 17, Four Reasons To Extend To October 15”, which discusses why it may be beneficial to extend the tax deadline into October. The article begins as follows:
Tax day this year was extended till May 17, but with that right around the corner, are you ready to file? Many mistakes happen when people are in a hurry, and tax returns are important. Each one must be signed under penalties of perjury. So instead of rushing to file your taxes, you can go on extension. It is automatic on request, and incredibly easy to do, millions are processed every year. You can extend with a simple Form 4868 which doesn’t even have to be signed. You can do it yourself or your tax return preparer can do it for you. You can read more from the IRS about an extension of time to file. Note, however, what this magical little form does notdo. The extension gives you extra time to file your tax return, it is not an extension of time to pay your taxes. Thus, you need to pay by May 17 what you expect to owe when you actually file your taxes later in the year, anytime up until October 15th. Arethere good reasons to take the extension? You bet. Here are four.
Click here to see full article: “Taxes Are Due May 17, Four Reasons To Extend To October 15”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.