P.O. Box 340024
Lakeway, TX 78734
Phone: 512-261-3218
Email: mark@marktaylorcpa.com

Reasons to extend your income tax return
There is nothing to fear about the IRS and extending. If you owe, underpayment penalty and interest do start on April 15, so sending money with the extension might be a good idea.
If you have an Offer In Compromise or a bankruptcy in process, then you may not want to extend.
We can estimate your tax liability (if any) and send money with the extension. Any overpayment can be applied to the next year or refunded.
There are new tax laws each year that may have little guidance available early in the year
There are new software enhancements for new tax laws and other improvements that must be mastered
Your CPA is in maximum stress mode from Feb 15 to April 15.
After April 15, your CPA can devote their best attention to complicated tax matters.
Taxpayers with multiple tax returns should have everything drafted and integrated before filing any returns.
Many brokerages, partnerships and other institutions issue revised forms.
Many taxpayers get a refund on their prior years 401K overcontribution which often creates the need to amend.
Extending allows you more time to fully fund your SEP Retirement Plan.
As time passes, you may learn or discover additional information about the details of the tax year.
Many taxpayers receive K-1's after April 15 from third parties that utilize the extension strategy.
Again, the IRS wants money by April 15, not the tax return, we should estimate if you might owe. If nabbing a refund ASAP is important, then we file and amend later, if necessary.
Copyright © Mark Taylor, CPA 2023