Business By The Books with Danielle Hayden The Smart Way to File Taxes: Why Tax Extensions Are Better Than Last-Minute Filings – Ep. 211
Feeling stressed about the April 15th tax deadline? You don't need to be! Here's the good news, filing a tax extension isn't just okay; it's often the smartest financial move to make if you're in a position of rushing to file your taxes by the deadline.
In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc. and KSA Tax Partners, breaks down everything you need to know about tax extensions, both the common misconceptions and benefits surrounding them as well as how they factor into tax prep.
Key Takeaways:
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Understanding Extensions: A tax extension provides an additional six months to file, but estimated taxes must still be paid by April.
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Tax Extension Myths: The IRS does not penalize or audit you for filing an extension; they just want their money on time.
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Accuracy Over Speed: Filing too quickly can lead to costly mistakes—accuracy should come before speed.
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CPA Support: Most CPAs, including KSA Tax Partners, handle tax extensions automatically for their clients.
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Planned Tax Prep: Scheduled tax weeks at KSA Tax Partners ensure transparency and eliminate uncertainty.
Topics Discussed:
What Is a Tax Extension (00:00:31 – 00:01:27)
Tax Extension Common Misconceptions and Benefits (00:01:27 – 00:04:47)
Tax Prep and KSA Tax Partners' Approach (00:05:01 – 00:08:18)
Resources:
KSA Tax Partners | https://ksataxpartners.com/
Book a Call with Kickstart Accounting, Inc.:
https://www.kickstartaccountinginc.com/book
Connect with Kickstart Accounting, Inc.:
Instagram | https://www.instagram.com/Kickstartaccounting