Small Business Tax Savings Podcast What Do I Need To Know About Tax Extensions?
What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.
Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.
The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can’t afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.
Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available!
[00:01] Securing Your Business And Personal Tax Returns With Tax Extensions
- Mike talks about tax extensions can be done for both business and personal tax returns
- A tax extension is an extension of time to file your taxes, not to pay taxes owed
[05:08] Dates To Remember: Filing Your Tax Return Or Extensions Request
- Extensions are requested from the IRS or other government agencies
- He provides reasons for needing an extension that includes:
- Waiting on documents
- Bookkeeping not being completed
- Wanting more time to ensure accuracy
- For S-Corporations and Partnerships, file a tax return or an extension request by March 15th, 2023
- For C-Corporations and Personal Tax Returns (including Schedule C and E), file a tax return or extension request by April 18th, 2023
[09:07] File Your Tax Return by the Extended Date to Avoid Interest and Audit Risk
- If you've successfully extended, make sure to file the return by September 15th (for S-Corporations and Partnerships or October 16th (for C-Corporations and Personal Tax Returns
- Interest may be added if taxes are not paid on time
- Filing an extension does not increase the risk of audit and may decrease it
- The extension request must be filed by the original due date, and include payment with the extension request with an estimated tax bill
[15:50] Closing Segment
- Mike will be discussing the options available to pay tax bills next week!
- Final Words
Key Quotes
“We don't want to just keep pushing things back because that's going to put more stress on you if you're waiting to file your tax return because you have, “Bookkeeping not completed”, and things like that. Just take some time, get it done, that stuff that we want to be forgetting about. We want to be filing and getting it past our minds. So don't try to just push these continually to the next deadline.” – Mike Jesowshek
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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