Bruce Claassen

April 12, 2019

The tax deadline is quickly approaching. For most people, your individual income tax returns will be due on Monday, April 15, 2019. This is extended to April 17 if you are a resident of Maine or Massachusetts. To some this means nothing, as they've already filed their income tax returns, and have received their refund, or paid their tax due. To others, this statement is enough to induce an anxiety filled panic attack. You may be someone who abhors the process of preparing for and filing your tax return so much that you will procrastinate to the very last minute. Alternatively, you may have simply not been able to gather all of the information you need. Regardless of which spectrum you fall under (or anywhere in between), the deadline looms for all at an equal pace.
It is not uncommon for some people to require an extension rather than filing their tax returns by the deadline. Their reaction to this revelation varies greatly. Some could care less when their tax returns are completed, as long as they are completed. Others react as if their world is officially at an end. Most reactions to the advice to extend your income tax returns are based off of misconceptions that people have. So, if you're told you should extend your tax return, what does that really mean?

What does filing an “extension” do?

Why does my CPA suggest I extend my tax return?

Am I more likely to be audited if I extend?

What are the primary benefits of extending my tax return?

Should I do anything differently if I am filing an extension or “going on extension”?

Is there anything I can do to avoid filing an extension if I know I am missing some information now?

I heard there were changes to due dates for some tax returns. Will that affect me this year?

Hopefully, this eases your anxiety about filing an extension for your income tax returns. If you still have concerns, feel free to give us a call to discuss them.

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