Filing for a tax extension may be your only option if you haven't gotten your paper work finished or are like a lot of Americans and simply forget about the deadline.
I have had to file a tax extension in the past and have come up with some great tips to offer anyone who is considering filing a tax extension. A tax extension should be your last option and should not be used if you are only doing it to delay your tax payments.
File your tax extension as quickly as possible. If you already know that you are going to have to file a tax extension, do this as soon as you can to stop any further delays. April 15th is right around the corner and it is also one of the busiest times of the year for tax preparers. If you already know that you will need an extension, go down and file one with your local tax professional or by another preferred means.
How much time you should ask for is another great question. The IRS allows you to take an extra six months to prepare your taxes but most people will not even need this much time. If you are close to having all your paper work in order, consider getting it over as quickly as possible so that you are not constantly worrying about it. If you fear that you will have to hunt down receipts and other paper work, six months might be just right for you to give you plenty of time to take care of everything.